Stock below Rs 10: This FMCG company announced plans to set up ethanol manufacturing facility in Gujarat!
The company's recent investment, launches of new products, and order book are expected to improve the financials further in the coming quarters
Mishtann Foods Limited has recently announced plans to set up a 1,000 kilolitres per day (KLPD) grain-based ethanol manufacturing facility in Gujarat. In accordance with 'Atmanirbhar Gujarat, Atmanirbhar Bharat' initiative of the Government of India, the aforesaid plant would be used to produce ethanol and the petroleum policy of adding ethanol as an additive to reduce the burden on the import of crude oil.
The proposed project is likely to incur a cost of Rs 2,250 crore for the company with an estimated annual revenue projection of Rs 3,500 crore. The company aims to commence the operations of the plant in the second quarter of 2024.
Mishtann Foods is engaged in the production & marketing of a large variety of rice, pulses, and other edible products and is looking to set up its manufacturing facility in Dalpur village of Sabarkantha district of Gujarat.
The company's recent investment, launches of new products, and order book are expected to improve the financials further in the coming quarters.
Earlier this year, Mishtann bagged several orders for its Mishtann brand salt from major retail stores. Besides, the company rewarded its shareholders with an issue of bonus equity share for each share held by them or in a 1:1 ratio.
Over the last seven trading sessions, the shares of the company have recorded gains of 12 per cent.
At 12.56 pm on Friday, the scrip of Mishtann Foods was trading at Rs 9.95 per share on BSE, inching lower by 0.80 per cent.