Suumaya Industries announces foray into agri-trading business
Suumaya Industries Ltd, a domestic company, which is engaged in the business of garment manufacturing for women, announced this morning that it has forayed into agri-trading business during March quarter of FY21.
This move is aligned with the company’s endeavour to contribute to the economic development of the country. It witnessed strong traction in the agro-processing business via this venture. In order to have a strong foundation for the business, the company has set up a strong team across sourcing, supply chain management, and marketing processes. It has established a strong foothold in the institutional segment and continues to expand it further.
In order to elevate the value chain, which is a part of its vision, the company has conducted research and development (R&D) for agro-processing activity. It has taken various steps to explore the potential of various agro-processing activities like flour, edible oils, etc in the initial stage.
As per the statement of a company official, in the future, Suumaya Industries would also be exploring the larger market into food processing segment as it strengthens its foothold in agribusiness.
At 12.07 pm on Wednesday, the share price of Suumaya Industries Ltd was trading at Rs 300.10, down by 0.51 per cent over the previous day’s closing price of Rs 301.65 on NSE.