The shares of Britannia Industries (NS: BRIT ) Limited opened in green on Wednesday morning and moved marginally to reach its new 52-week high of Rs 4,337.30 in the early hours. In the past five days, the stock has gained approximately 3.6 percent.
Recently, the company announced that it has entered into a joint venture agreement with French company Bel SA and Britannia Dairy (BDPL) for the development, manufacturing, marketing, distribution, trading, and selling of cheese products in India as well as international markets.
BDPL contributed 2.4% of consolidated sales of Britannia in FY22. Further, its net worth as of March 31st, 2022 stood at Rs 130 crore, which amounts to 5.1% of the consolidated net worth of Britannia.
As per the agreement, Britannia has transferred a 49% stake in its wholly-owned subsidiary Britannia Dairy to Bel SA in a share purchase agreement for a consideration of Rs 262 crore. The deal is expected to be completed by December 2nd, 2022.
Britannia Industries is one of India’s leading food companies with a 100-year legacy. It owns brands like Good Day, Tiger, NutriChoice, Milk Bikis, and Marie Gold . It also produces Bread, Cakes, Rusk, and Dairy products including Cheese, Beverages, Milk, and Yoghurt.
In the span of a month, the stock has gained approximately 15 per cent and in the last five months, it has gained 25 per cent. In the last five years, the stock has added 80 per cent to its share price.
In Q2FY23, the total revenue of Britannia Industries stood at Rs 4,379 crore and their net profit amounted to Rs 490 crore. The promoters of the company hold a 50.55 per cent stake in the company.
Written by Anoushka Roy
The post FMCG stock at a new 52-week high after entering into a joint venture with a French company Bel SA & BDPL appeared first on Trade Brains.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.