by Bikaji Food Share: Last Friday, there was a rush to buy some shares amid a steep fall in the stock market. One of these shares belongs to Bikaji Foods International Limited. Bikaji Foods’ share price rose nearly 4% to a 52-week high on Friday. Shares of Bikaji Foods rose 3.91% to ₹747.95 during trading on the BSE. At the end of trading, the share price was Rs. was 728.40. The stock closed 1.20% higher than a day earlier. The stock has gained more than 36% in one month and more than 77% in the past one year.
What did the brokerage firm say?
Brokerage firm Nuwama Institutional Equities has initiated coverage on the stock. Nuwama Equities has given ‘Buy’ rating on Bikaji Foods stock with a target price of ₹885. This represents an increase of 20%. The brokerage said – Demand for salty snacks is increasing due to changing consumer preferences. Additionally, the growing popularity of ethnic snacks and the consolidation of the unorganized sector will continue to fuel the growth of Bikaji in the coming years. Nuwama said that tasty snacks, brand equity, favorable trends and scope for expansion make it attractive.
About the company
Let us tell you that Bikaji Foods International is a leading company in the fast growing Indian salty snack market. It is the third largest company in the organized ethnic snacks market. It is the market leader in family packs and leads in its key states: Rajasthan, Assam and Bihar.
Company results
In the fourth quarter of the financial year i.e. during January-March, the company reported a massive increase of 200 percent in net profit. Profit Rs. 116.28 crore as compared to Rs. 38.67 crores. Income from operations also increased by 12.8 percent in the March quarter to Rs. 520.82 crores. Which in the same period last year was Rs. 461.69 crores. Ebitda increased by 10.2 percent in the quarter to Rs. 67.5 crore, which in the year-ago period was Rs. 61.3 crores.
