LT Foods shares rise 10% in early deals; here’s why

Shares of LT Foods Ltd rose nearly 10% today as Abakkus Asset Manager LLP bought stake in the company via block deal on Tuesday. Sunil Singhania's Abakkus Asset Management bought 33,93,543 equity shares (equivalent to 0.98 percent of paid-up equity) in the company at an average price of Rs 162.04 per share. The transaction is valued at nearly Rs 55 crore.

LT Foods stock gained 9.77% to Rs 178 in the current session against the previous close of Rs 162.15 on BSE. Market cap of the firm rose to Rs 5,945 crore.

LT Foods saw 1.18 lakh shares changing hands amounting to a turnover of Rs 2.04 crore on BSE.

In terms of technicals, the relative strength index (RSI) of the stock stands at 36.8, signaling it's trading neither in the overbought nor in the oversold zone.

LT Foods stock has a one-year beta of 0.7, indicating low volatility during the period. LT Foods shares are trading higher than the 5 day, 10 day but lower than the 20 day, 30 day, 50 day, 100 day and 200 day moving averages.

Abakkus  did not appeared in LT Foods' December quarter shareholding pattern as a shareholder which means the current transaction is either be the firm's first purchase in the stock or its stake would be less than 1%.

At the end of December 2023 quarter, domestic mutual funds owned a 3.08% stake in LT Foods, among which DSP Smallcap Fund has a 3.04% stake.

Veteran investor Mukul Agrawal also had a 1.15% stake in the company in Q3.

LT Foods is a leading Indian-origin global FMCG company in the consumer food space. It is a leading player globally in the specialty rice and rice-based foods business for more than last 70 years.