It's party time for those investors who have bought shares in Kohinoor Foods over the past one month as they have more than doubled during the said period.
The shares of the company have been reportedly consistently hitting upper circuit for the past 21 days as Adani group company, Adani Wilmar has announced it would acquire popular rice brand Kohinoor from McCormick Switzerland GMBH.
The takeover will give Adani Wilmar an exclusive rights over the brand Kohinoor Basmati rice along with a'Ready to Cook', 'Ready to Eat' curries and meals portfolio under the Kohinoor Brand umbrella in India, it said in a regulatory filing on Tuesday.
Angshu Mallick, Chief Executive Officer and Managing Director of Adani Wilmar, believes that the packaged food category is under-penetrated with significant headroom for growth.
On Tuesday, the shares closed the day at Rs 20.65, up 4.8 per cent from the previous closing price.
In the past one-month period, the shares accumulated over 130 per cent returns for its investors.
Kohinoor Foods deals in manufacturing, trading and marketing of food products.
The company offers an extensive range such as basmati rice, ready to eat curries and meals, readymade gravies, cooking pastes, spices and seasonings to frozen breads, snacks, healthy grains, and edible oils.
'Kohinoor' is a household name in countries like the US, the UAE, Canada, Australia, Middle East, Singapore, Japan, Mauritius and several European countries.
(With inputs from IANS)