Patanjali Foods touches the upper circuit on Friday; here's why!
So far in 2022, the stock of Patanjali jumped nearly 50 per cent. This stock is a proven multi-bagger, having multiplied the shareholders’ wealth by 265 times in just three years.
The shares of Patanjali Foods (formerly known as Ruchi Soya) soared 5 per cent on NSE amidst strong buying interest from the investors. Earlier this month, the company announced that it has laid the foundation stone for setting up an oil palm mill in Arunachal Pradesh. The foundation stone was laid by Shradhye Acharya and Arunachal Agriculture Minister - Tage Taki.
In the state of Arunachal Pradesh, the company plans to undertake oil palm plantation on 38,000 hectares area across nine districts. This is expected to give impetus to the state’s economy and will bring tremendous employment generation along with an increase in local farmers’ income. With this, Patanjali Foods has become one of the largest palm oil plantation companies in India. The shares of the company traded at Rs 1,266 on Friday and also, got locked in an upper circuit!
Meanwhile, in its recent Quarterly Results, the company posted stellar earnings as EBITDA grew over 52 per cent to Rs 550 crore on a YoY basis. Net sales jumped nearly 37 per cent to Rs 7,210.97 crore in June 2022. Also, the company has announced a cash dividend of Rs 5 per share with the ex-dividend date being September 23, 2022.
So far in 2022, the stock of Patanjali jumped nearly 50 per cent. This stock is a proven multibagger, having multiplied the shareholders’ wealth by 265 times in just three years.
Meanwhile, the stock is technically strong and is trading above its prior pivot. The strong price volume breakout is bound to attract traders and the stock is expected to continue its bullish trend.
Patanjali Foods Ltd is a large, diversified conglomerate with business interests across edible oil and derivatives, oil palm plantation, food & FMCG as well as nutraceutical business. With the rapid expansion of over 47,000 Patanjali stores across India, it has established its strong presence in the sector.
Long-term investors should keep an eye on this stock to track its further developments!