FMCG Penny Stock Sarveshwar Foods Hit 4% Upper Circuit; Here’s Why

On Tuesday, the shares of Sarveshwar Foods Limited were up by 4.10 per cent and were working at the level of Rs 10.15. Sarveshwar Foods Ltd with a market cap of around Rs 995 crore is an FMCG products company whose shares have a 52-week high of Rs 15.55 while a 52-week low of Rs 2.08.

Taking forward the Central Government's initiative to promote millets and a nutrient-rich diet amongst consumers, Sarveshwar Foods Limited has started a campaign to promote millet cultivation in Jammu & Kashmir, Himachal Pradesh via Sarveshwar Facilitation Centres (SFC).

In February, the Board of Sarveshwar Foods at its meeting held on 22 February 2024 approved fund raising via preferential issue of up to 10.20 crore fully convertible warrants of Re 1 each at a price of Rs 9.70 per warrant for a cash consideration of Rs 98.94 crore. The Board also approved fundraising via allotment of equity shares for an aggregate amount of Rs 100 crore by way of QIPs, ADR, GDR, FCCB or any other method or combination thereof including series of Right Issue(s), each tranche not exceeding Rs. 50 crore.

Sarveshwar Foods is engaged in the business of manufacturing, trading, processing, and marketing of branded and un-branded basmati and non-basmati rice in the domestic and international markets. Its operations are based out of India's Jammu Region. SFL sustainable and eco-friendly legacy of serving healthy and tasty rice for more than 130 years and in the last couple of decades proliferated its heritage to other premium categories of FMCG and Organic products.