Sarveshwar Foods shares hit upper circuit on business expansion

Shares of Sarveshwar Foods Ltd hit an upper circuit on Tuesday as the company expanded its business and inaugurated its first store in Chandigarh to buy premium organic delights from the land of Himalayas. The company informed about the same through an exchange filing on Monday. Sarveshwar Foods inaugurated its first organic Store named as 'NIMBARK' in Kharar, Chandigarh to showcase, experience and buy the premium organic delights from Himalayas. The store is a part of its predefined business expansion strategy through its signature stores, retail counters, online market places beyond the territories. NIMBARK Organic Stores are its signature stores, opened and being operated by its material subsidiary named as Himalayan Bio Organic Foods Limited. They offer the company's entire range of organic food offerings at one place to provide our existing and prospective customers with an easier and user-friendly shopping experience. Following the business update, shares of Sarveshwar Foods rose 5 per cent, locked in buyer's circuit, at Rs 4.67 on Tuesday. The company was commanding a market capitalization of close to Rs 460 crore. The scrip had settled at Rs 4.45 in the previous trading session. The scrip had traded ex-split ex and ex-bonus in the previous month. The company had announced a stock split in 1:10 ratio, followed by a bonus issue in a 2:1 ratio for the investors. Each stock of the company with a face value of Rs 10 each was turned into 20 shares with a face value of Re 1 each post the aforementioned corporate action. At present, the company sells its products through more than 700 retail counters in Jammu, Srinagar, Ludhiana, Chandigarh, Lucknow, Khanpur, Punjab, Delhi-NCR along with online pan-India presence via company website and other leading e-commerce marketplaces. Sarveshwar Foods is an ISO and USFDA certified company, which is engaged in the business of manufacturing, trading, processing, and marketing of branded and unbranded basmati and non-basmati rice in the domestic and international markets.