Ruchi Soya Industries rose 14.35% to Rs 27.50 at 11:52 IST on BSE on media report the the company will enter into a marketing deal with Baba Ramdev promoted Patanjali Ayurved.
Meanwhile, the BSE Sensex was down 92.75 points, or 0.34%, to 27,215.85.On the BSE, so far 20.26 lakh shares were traded in the counter, compared with average daily volumes of 1.24 lakh shares in the past one quarter. The stock had hit a high of Rs 28.10 and a low of Rs 25.60 so far during the day.
The stock hit a 52-week high of Rs 33.20 on 28 March 2016. The stock hit a 52-week low of Rs 17.75 on 25 May 2016.
According to the report, Baba Ramdev's Patanjali will start branding and marketing the edible oil produced by Ruchi Soya across its 13 facilities, which will ensure guaranteed sales to Ruchi Soya as well as cut its distribution and marketing costs.
This arrangement comes as a massive relief to one of the country's largest edible oil manufacturers with brands like Ruchi Gold and Mahakosh. Ruchi Soya owes almost Rs 10000 crore to banks, is contesting winding up proceedings initiated by IDFC Bank in Bombay Hight Court, and is yet to secure all 22 lenders approval to enter a joint venture with Adani Wilmar, the report suggested.
Net profit of Ruchi Soya Industries declined 77.92% to Rs 26.75 crore on 9.5% decline in net sales to Rs 4846.07 crore in Q2 September 2016 over Q2 September 2015.
Ruchi Soya Industries is a leading manufacturer and marketer of edible oils, soya food, premium table spread, vanaspati and bakery fats.
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