Foods & Inns hits upper circuit

Fruit Pulp processing company Foods & Inns hit its 52-week high and all-time high following an investment by ace investor RK Damani's investment firm Derive. The stock was locked in its upper circuit limit of 20 per cent for the most part of the intraday trade on Friday.

Founder of hypermarket chain D-Mart and a veteran of the stock market investing Radhakishan Damani's company Derive Investment bought 7.92 lakh shares or 5 per cent stake in Foods & Inns through a bulk deal at a price of Rs 184.06 per share, totalling to approximately Rs. 14.58 crore. The stock had closed at Rs. 185.95 per share on Thursday.

The company produces fruits pulps, purees and vegetables at its factories, one each in Mumbai, and Valsad, two near Nashik and three in Chittoor. The company also has eight warehouse facilities.

On Friday, the stock of Foods & Inns closed at Rs. 223.10 per share, up by Rs. 37.15 or 19.98 per cent on BSE. While the benchmark index BSE Sensex closed at 38,767.11, up by 160.10 points or 0.41 per cent.