Ruchi Soya Industries rose 1.22% to Rs 70.60 at 10:23 IST on BSE, with the stock extending Monday's 0.43% gains triggered by the company entering into a joint venture with Kagome Co. and Mitsui & Co.
Meanwhile, the S&P BSE Sensex was up 119.46 points or 0.62% at 19,506.96.
On BSE, 6,729 shares were traded in the counter as against average daily volume of 47,115 shares in the past one quarter.
The stock hit a high of Rs 71.65 and a low of Rs 69.85 so far during the day. The stock had hit a 52-week high of Rs 95.45 on 18 May 2012. The stock had hit a 52-week low of Rs 56.60 on 15 March 2013.
The stock had outperformed the market over the past one month till 29 April 2013, surging 11.42% compared with the Sensex's 2.93% rise. The scrip had also outperformed the market in past one quarter, rising 1.82% as against Sensex's 3.02% fall.
The edible oil maker has equity capital of Rs 66.78 crore. Face value per share is Rs 2.
Shares of Ruchi Soya Industries (Ruchi Soya) have risen 1.65% in two trading sessions from Rs 69.45 on 26 April 2013, after the company during trading hours on Monday, 29 April 2013, announced a joint venture (JV) with Kagome Co. and Mitsui & Co. to revolutionize the Indian tomato market estimated to be producing 17 million tons per year. The stock had risen 0.43% to settle at Rs 69.75 on Monday, 29 April 2013.
Ruchi Soya will have 40% stake in this JV and rest 60% will be held by a special purpose company (SPC) created by Kagome and Mitsui who own 66.7% and 33.3% share each in the SPC, Ruchi Soya said in a statement.
The JV - Ruchi Kagome plans to launch premium tomato puree, sauces, ketchup and other world-class products in India. It has identified land in Maharashtra to set up a manufacturing plant, with an initial investment of Rs 44 crore, which is expected to be ready for commercial production by June 2014. Ruchi Kagome will work closely with Indian Farmers to drive a tomato revolution in the country through higher yielding seed, sharing global knowledge to educate local tomato producers & setting up local support centers to handhold farming community in India, Ruchi Soya said in a statement.
Kagome is the pioneer of tomato processing in Japan, well-known as a processed tomato business leader in Japan and now becoming a global supplier of processed tomato. Kagome provides a wide range of products including vegetable-based foods and drinks for both consumer and institutional customers.
Founded in 1947, Mitsui has global operating locations, network and information resources, pursuing business that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the fields of iron & steel products, mineral & metal resources, infrastructure projects, integrated transportation systems, chemicals, energy, food resources, food products & services, consumer services, innovation & corporate development business.
Ruchi Soya Industries' net profit jumped 105.4% to Rs 49.41 crore on 17.6% growth in net sales to Rs 8175.16 crore in Q3 December 2012 over Q3 December 2011.
Ruchi Soya Industries is India's leading FMCG company and India's number one cooking oil and soya food maker and marketer. An Integrated player from farm to fork, Ruchi Soya has secured access to oil palm plantations in India and other key regions of the world. Ruchi Soya is also the highest exporter of soya meal, lecithin and other food ingredients from India. Ruchi Soya is committed to renewable energy and exploring suitable opportunities in the sector.
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