Patanjali Foods share: There was an atmosphere of profit booking on Friday amid a week of historic gains for the stock market. However, even in this environment, there was huge demand for shares of Yogguru Ramdev’s company Patanjali Foods. On the last trading day of the week, the shares of Patanjali Foods were up by 6 percent. At the end of trading this share closed at Rs 1591.35. Trading ended with a gain of 5.02% compared to the previous day’s closing of Rs 1515.35. However, experts seem bullish on this stock.
What do experts say
According to domestic brokerage HDFC Securities, shares of Patanjali Foods can go up to Rs 1790. Along with this target price given for the next three months, the brokerage has also advised stop loss at Rs 1446. Let us tell you that on February 16, 2024, the share price had gone up to Rs 1,741. This was the 52 week high of the stock. At the same time, in July 2023, the price of this share was at a low level of Rs 1,164. This is the stock’s 52-week low.
Profit declined in March quarter
There was a huge decline of 22 percent in the net profit of Patanjali Foods in the March quarter and it stood at Rs 206.32 crore. It was Rs 263.71 crore in the same quarter a year ago. At the same time, revenue from operations increased by four percent to Rs 8,221 crore.
company plan
Recently, Patanjali Foods told the stock market that its board of directors has discussed the preliminary proposal received from Patanjali Ayurveda Limited for the sale of non-food business venture. According to the company, the Board of Directors has given its in-principle approval to evaluate the most efficient way to enhance synergy with the non-food portfolio of Patanjali Ayurved. Let us tell you that Patanjali Foods was earlier known as Ruchi Soya Industries. Established in the year 1986, this company is among the leading companies manufacturing daily consumption products.
