Patanjali Foods shares rise after a jump in edible oil sales and growth in food and FMCG segments
Patanjali Foods announced its second-quarter update on Wednesday for the period ending September 30, registering a single-digit rise in edible oil sales and double-digit growth in the food and FMCG segments.
Patanjali Foods Share Price: Patanjali Foods shares were rising by 0.46 per cent, or Rs 6.10, at Rs 1321.10 each on BSE on Thursday in the first trading session after the company announced its second-quarter update on Wednesday.
As per its second-quarter update, while the company's growth in edible oil is single-digit, its growth in the food and FMCG segments is double-digit.
The company said that its rural demand is sluggish due to persistent inflation and a jump in the price of essential commodities.
The company has high hopes of the festive season and estimates strong demand in its FMCG business during that period.
Patanjali Foods Stock Performance
Ahead of the announcement of its second-quarter results on Wednesday, the stock was performing well as it hit the upper limit.
There was a spurt in volume by more than 2.45 times.
The share has soared 6.63 per cent in the last five trading sessions.
While its growth in the last month has been just 2.96 per cent, it has skyrocketed 36.96 times in the six-month period and 11.02 per cent year to date.
However, the stock has yet to touch its performance of the year-ago period and is down 5.61 per cent in the last one year.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.