LT Foods buys 817 Elephant rice brand

LT Foods, an agro-based company dealing specifically in basmati rice has announced acquisition of 817 Elephant rice brand through its UK subsidiary, LT Foods International Limited. The acquisition is done for strengthening its presence in Canada, USA and Israel.

The stock of LT Foods has recovered from 2.8 per cent loss on Friday to a gap up opening at Rs 284.40 with 2.6 per cent upside. The stock has been trading with higher tops and higher bottoms since February 2016 and has posted accelerating revenues in March 2016 results.

Earlier in June 2016, LT Foods had incorporated a subsidiary LT Foods International in UK for gaining higher penetration in Europe and was gauging an option to set up facility in Europe to provide better servicing to the clients in international markets.

LT Foods deals in milling, processing and marketing of branded and non-branded basmati rice and manufacturing of other rice products across India and overseas market. The company deals under brands Daawat, Devaaya, Heritage, Royal, Chefz Secret, MyMy and Ecolife, among others. On July 11, Equity Intelligence India Private Limited had bought 4.38 lakh shares at Rs 249.94 while India Agri Business Fund had bought 3 lakh shares at Rs 250.