Future Consumer Enterprise rose 1.17% at Rs 21.60 at 10:43 IST on BSE after the company said that its board of directors considered and in-principally approved entering into a joint venture arrangement with LT Foods.
Shares of LT Foods were up 1.88% to Rs 201. Future Consumer Enterprise made the announcement after market hours yesterday, 8 March 2016.
Meanwhile, the BSE Sensex was down 148.90 points, or 0.6%, to 24,510.33
On BSE, so far 4.18 lakh shares were traded in the counter as compared with an average volume of 10.26 lakh shares in the past one quarter. The stock hit a high of Rs 21.80 and low of Rs 20.90 so far during the day. The stock hit a record high of Rs 27.25 on 23 December 2015. The stock hit a 52-week low of Rs 10.25 on 26 March 2015. The stock had underperformed the market over the past one month till 8 March 2016, falling 2.95% compared with gains of 1.53% in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 3.83% as against Sensex's 2.57% fall.
The mid-cap company has an equity capital of Rs 994.47 crore. Face value per share is Rs 6.
Future Consumer Enterprise said that the company's board of directors at a meeting held yesterday, 8 March 2016, considered and has in-principally approved entering into a joint venture arrangement with LT Foods, a company undertaking the business of rice, for possible opportunities to manufacture, market and distribute rice and other products.
Future Consumer Enterprise further said that the board of directors of the company was appraised on the perceived strategy for the company. The board was provided with an in-depth understanding for the business opportunities and the plan to build the company as an Indian food and FMCG company for the next generation, Future Consumer Enterprise said.
On a consolidated basis, Future Consumer Enterprise reported a net loss of Rs 22.87 crore in Q3 December 2015, higher than net loss of Rs 21.46 crore in Q3 December 2014. Net sales rose 40.9% to Rs 512.96 crore in Q3 December 2015 over Q3 December 2014.
Future Consumer Enterprise is India's first sourcing-to-supermarket food company by Future Group.
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