Nomura Singapore has increased its stake in Mishtan Foods, a leading player in the FMCG sector. Nomura Singapore has increased its stake to 1.28 per cent (1,28,25,854 shares), according to an exchange filing by Mishtan Foods.
Mishtan Foods mainly focuses on different types of Basmati Rice. It also has a significant presence in the wheat, pulses and spices segments.
The company has announced that it is also looking to introduce new products in the domestic markets. New products include free flow iodized salt, crystal salt and rock salt. In addition, the company has also entered new markets such as the North Eastern part of the country.
Management expects these affirmative actions to boost its earnings. Earlier, the company announced that it has incorporated a wholly owned subsidiary in UAE named ‘Grow & Grub Nutrients FZ – LLC’ to grow into various untapped markets in its growth journey across geographical boundaries. Will focus on international business with exposure.
In addition, the company is looking to take advantage of the growing demand for rice in the Middle East and Africa. The subsidiary aims to enter markets in Africa in addition to its existing market.
Mishtan Foods’ 100,000 MT per annum rice processing facility is located near Ahmedabad. The company claims that all its products are grown using eco-friendly agricultural practices and are carefully processed and packaged to retain their freshness and nutritional value.
Shares of Mishtan Foods have declined 36 per cent in the last one year. The stock has given multibagger returns of 233 per cent in a span of two years. The market cap of the company is 738 crores.
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