Only Buyers: After a Reliance subsidiary acquired a major stake in the company, the shares are hitting back-to-back upper circuits!
Shares of the company soared almost 180 per cent in just one month in January 2023 when the notification was initially released by the Reliance FMCG arm!
The Indian benchmark indices ended the session significantly higher, boosted by strong gains in auto and banking sector stocks. Lotus Chocolate Company Ltd, a Small-Cap packaged food stock, attracted investors with its robust uptrend.
Shares of the company were hitting back-to-back upper circuits for numerous sessions after gaining positive developments from a Reliance subsidiary. On an intraday basis on Monday, shares of the company rallied and locked at a 5 per cent upper circuit, trading at Rs 204.15 per share on the BSE.
Reliance Consumer Products Ltd, the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures Ltd, has completed the acquisition of a 51 per cent controlling stake in Lotus Chocolate Company for an aggregate consideration of Rs 74 crore, as well as the subscription to non-cumulative redeemable preference shares for an aggregate consideration of Rs 25 crore.
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Shares of Lotus Chocolate Company soared by almost 180 per cent in just one month in January 2023 when the notification was initially released by the Reliance FMCG arm!
Lotus Chocolate Company, a BSE-listed company, is one of India's select manufacturers of finest chocolates, cocoa products, and cocoa derivatives. Products of the company are sold to chocolate manufacturers and chocolate consumers all over the world, from local bakeries to multinational corporations.
Keep a close eye on this stock for the upcoming sessions!