Multibagger FMCG stock Krishival Foods rose nearly 1 per cent to ₹499.90 apiece on Tuesday, inching closer to its 52-week high price of ₹508, after the company announced that it has acquired an industrial property located at Kolhapur, Maharashtra.
However, as the session progressed, the FMCG stock gave up the marginal gains recorded and was trading flat at ₹494.40 on NSE around 11.45 am.
What drove the multibagger stock higher?
In an exchange filing dated November 3, Krishival Foods announced that it has acquired and taken physical possession of an industrial property located at Halkarni Industrial Area, Kolhapur (Maharashtra).
The company further informed that the said property, measuring approximately 8,000 sq. meters of land with 1,770.49 sq. meters of construction, was acquired through a SARFAESI auction conducted by Union Bank of India, and physical possession was handed over to the company.
“This acquisition is adjacent to the company’s existing 5-acre MIDC land in the same area and will be utilised for future expansion of its nuts and food processing operations,” the company said in the filing.
On October 28, the company announced the board’s decision to defer the rights issue due to technical issues, which are expected to be resolved in a month.
“The Board of Directors of the Company (“Board”), have deemed it prudent and in the best interest of the Company to defer the Rights Issue due to certain technical issues, which is expected to be resolved within a month,” the company said in an exchange filing.
The company also said that its board approved an increase in the authorised share capital from the existing ₹24.5 crore ( ₹10 per share) to ₹30 crore.
Krishival Foods share price overview
Looking at the share price history, the FMCG stock has rewarded not only its long-term investors but short-term investors, too. Krishival Foods’ share price gave a whopping multibagger return of nearly 107 per cent in just six months.
The FMCG stock has multiplied its long-term investors’ wealth by surging 394 per cent in five years.
On a year-to-date basis, the stock has gained 98 per cent, rising from ₹249.95 to the current market level.
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