 "Gopal Snacks zooms on new product launch; stock falls 17% from issue price")
Gopal Snacks shares rise: Shares of Gopal Snacks surged by 3.1 per cent at Rs 331.10 per share on the BSE in Tuesday’s intraday trade. The stock, however, has slipped 17.4 per cent from its issue price in the last three months. The FMCG company got listed on BSE and NSE on March 14, 2024.
The recent surge in the stock price, however, came after the company launched a new product in the wafers category under its brand “Cristos”.
The product, ‘Korean BBQ’ is blended with smoky flavours inspired by traditional Korean barbeque with the satisfying crunch of a wafer, the company said in an exchange filing on Tuesday.
The Korean BBQ wafer is available nationwide in major retail outlets and online platforms. While the company has planned an extensive marketing campaign to support the product
launch, particularly targeting the youth demographic, Gopal Snacks said in a statement.
For FY24 Gopal Snacks registered a revenue from operations of 1402.5 crores with earnings before interest, tax, depreciation and amortisation (EBITDA) margin of 12 per cent and net profit of 99.6 crores.
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Based in Rajkot, Gopal Snacks, an FMCG company, is the largest manufacturer of gathiya and snack pellets in India and the largest producer of ethnic namkeen in Gujarat. With six manufacturing facilities, including three ancillary units across the country, the company boasts a total installed capacity of 400,000 metric tonne (MT). Additionally, it owns an in-house cold storage capacity of 40,000 MT.
At 12:16 PM; the stock of the company fell 2.40 per cent higher at Rs 329.05 per share. By comparison, the BSE Sensex rose by 0.20 per cent.