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Patanjali Foods, the listed consumer packaged foods arm of Patanjali Ayurveda, will be moved out of the additional surveillance measure framework from Wednesday.
The additional surveillance measure (ASM) is an initiative of the Securities and Exchange Board of India (SEBI) to put certain securities under a monitoring framework. The inclusion is based on parameters such as close-to-close price variation, client concentration, volume variation, and market capitalisation, the NSE said in a circular.
In the first quarter of financial year 2023-24, Patanjali Foods posted a net profit of Rs 88 crore, lower by 64 per cent as compared to a net profit of Rs 264 crore clocked in the year-ago period.
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The company’s revenue from operations had risen by around 8 per cent to Rs 7,767 crore, it said.
On Tuesday trade, Patanjali Foods inched higher at the stock markets with the scrip settled at Rs 1,375.75 a piece on the BSE, which is up 4.88 per cent as against the previous day’s close.
Tuesday’s closing also gave the confirmation of a breakout from the pattern on the upside with volume increasing which indicates that the buyers are regaining control.
Other securities that have been moved out of ASM are Lakshmi Precision Screws, Goenka Diamond and Jewels, Reliance Capital, Future Enterprises, Future Supply Chain Solutions, Digjam, Sumeet Industries, Sintex Plastics Technology, Eastern Silk Industries, Metalyst Forging and Educomp Solutions, the circular said.
Patanjali Foods Limited, formerly known as Ruchi Soya Industries Limited, evolved as an integrated player in the edible oil business with a presence across the entire value chain, from farm to fork with secured access to palm oil plantations in India.
Patanjali Foods has a pan-India presence with strategically located manufacturing facilities, and claim to own 22 manufacturing units that cumulatively translate to a refining capacity of over 11,000 tonnes per day, seed crushing capacity of 11,000 tonnes per day and packaging capacity of 10,000 tonnes per day.
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