Penny Stock Below Rs 20 Signs MoU with Food Processors Cooperative USA
The stock is up by 53 per cent from its 52-week low of Rs 10.11 per share.
Himalaya Food International Ltd. has announced a significant step towards reviving its U.S. business, which was impacted by a fire in May 2022, by entering into a five-year Memorandum of Understanding with the Food Processor Cooperative of the United States. This strategic partnership will see Himalaya Food undertake the production of a breakfast range of frozen food products specifically designed for the U.S. food service segment, reinforcing the company's commitment to re-establish and grow its presence in the American market.
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Himalaya Food International Ltd, founded in 1992 and operating from two ISO 22000-certified facilities in India, is a frozen and canned food processor specialising in mushrooms and IQF ready-to-eat products. Under the "Himalaya Fresh" brand, they cultivate mushrooms and manufacture a variety of natural, vegetarian items, including cheese, sweets, and appetisers, which are exported to the USA and sold domestically, utilising quick chilling and freezing to preserve quality.
The company has a market cap of Rs 86 crore with a low PE of 18x whereas the industry PE is 34x. The stock is up by 53 per cent from its 52-week low of Rs 10.11 per share. Investors should keep an eye on this penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.