Prataap Snacks rose 14.57% to Rs 1229.95 at 11:00 IST on BSE after the company said it will acquire 80% equity stake in Avadh Snacks for Rs 148 crore.
Meanwhile, the S&P BSE Sensex was down 20.47 points, or 0.05% to 38,265.28.On the BSE, 20,000 shares were traded in the counter so far compared with average daily volumes of 248 shares in the past two weeks. The stock had hit a high of Rs 1288.20 and a low of Rs 1102 so far during the day. The stock hit a record high of Rs 1,450 on 10 April 2018. The stock hit a 52-week low of Rs 1,048 on 13 August 2018.
Prataap Snacks announced acquisition of Avadh Snacks, Gujarat's leading snacks food company. PSL has agreed to acquire 80% equity stake for a consideration of Rs 148 crore through a combination of primary and secondary investment.
Avadh Snacks is engaged in the manufacturing and selling of branded packaged snacks. Started in 2010, Avadh today has a well-diversified and strong product portfolio for namkeens like bhujia, chevda, fafda, gathiya, etc. and extruded pellets like wheels, cups, pasta, etc. with strong presence in the state of Gujarat and now expanding to Maharashtra and Rajasthan.
On a consolidated basis, net profit of Prataap Snacks rose 6.45% to Rs 10.39 crore on 19.88% rise in net sales to Rs 267.12 crore in Q1 June 2018 over Q1 June 2017.
Prataap Snacks is a leading Indian snack foods company. It offers multiple variants of products across categories of potato chips, extruded snacks, namkeen (traditional Indian snacks) under the popular and vibrant Yellow Diamond brand.
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