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This Mukul Agrawal-owned smallcap stock has zoomed 57% in 4 days

Shares of Tasty Bite Eatables continued at their upward movement for the fourth straight day, hitting seven-month high of Rs 15,222.90, surging 20% on the BSE in Wednesday's intra-day trade.

Tasty treats

Tasty treats

SI Reporter Mumbai

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Shares of Tasty Bite Eatables continued their upward movement for the fourth straight day, hitting seven-month high of Rs 15,222.90 per share, surging 20 per cent on the BSE in Wednesday’s intra-day trade in an otherwise subdued market. In comparison, the BSE Sensex was down 0.16 per cent at 80,686 at 01:25 pm.

The stock price of smallcap packaged foods company has zoomed 57 per cent in past four trading days. It is trading at its highest level since January 2024. It had hit a 52-week high of Rs 18,033.20 on August 23, 2023.

Investor, Mukul Mahavir Agrawal owned 30,130 shares or 1.17 per cent stake in Tasty Bite Eatables at the end of June 2024 quarter, the shareholding pattern data shows.
 

The company have total outstanding equity shares of 2.57 million, of which 1.90 million or 74.23 per stake held by the promoters. The remaining 25.77 per cent holding are with retail individuals (17.68 per cent), foreign portfolio investors (4.12 per cent) and others (3.97 per cent).

For the June quarter (Q1FY25), Tasty Bite Eatables posted loss before tax of Rs 4.94 crore, against profit before tax of Rs 21.36 crore in the same quarter last financial year (Q1FY24). The company’s revenue from operations declined 44.6 per cent to Rs 84.98 crore from Rs 153.48 crore in year ago quarter.

Tasty Bite Eatables is engaged in the business of manufacturing and selling prepared foods under the brand name Tasty Bite and Frozen Formed Products (FFP).

The company specialises in Indian and pan-Asian meals, offering a product range that includes ready-to-eat items, sauces, organic rice and frozen food. With availability in the USA, Canada, Europe and across Asia, they are a global brand offering a taste of India and Asian flavours.

The shifting food preferences of consumers towards ready-to-eat food products, driven by the busy lifestyles of working individuals, are currently driving the growth of this market segment. This evolving landscape reflects a growing demand for convenient, high-quality meal solutions tailored to contemporary lifestyles.

Additionally, there is a strong preference for reducing GSM (grammes per square metre) and ply in packaging, replacing stretch wrap with eco-friendly materials. These trends have led to the rise in popularity of ready-to-eat takeaways and same-day delivery services, for which customers are even willing to pay a premium price, Tasty Bites said.

The size of the India Food service Market is estimated to be $77.54 billion in 2024, and it is projected to reach $125.06 billion by 2029, with a compound annual growth rate (CAGR) of 10.03 per cent during the forecast period, the company said in its FY24 annual report.

The expansion of this sector can be attributed to the increasing demand for customised and innovative food menu options tailored to the customers’ preferences of taste, budget and dietary needs, thereby driving the food service market in the country. 

Several major international restaurant chains have entered the Indian market in recent years, attracted by the country's growing middle class and changing consumer preferences.

Brands like Wendy's, Tim Hortons, Popeyes, Pret A Manger, CoCo Ichibanya, and IHOP have opened outlets across various cities, offering their signature dishes with an Indian twist. These chains bring global flavours and diverse culinary experiences to Indian consumers, the company said.

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First Published: Aug 21 2024 | 1:34 PM IST

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