LT Foods shares skyrocket after Abakkus Asset Manager picks 0.97% equity via block deal

LT Foods shares surged on Wednesday after block deal data showed 0.97 per cent of the specialty rice and rice-based food products company's equity changed hands. The stock of LT Foods, which owns and operates basmati rice brands Daawat and Royal, jumped by as much as Rs 15.9, or 9.8 per cent, to Rs 178 apiece on BSE. 

At 12:09 pm, LT Foods shares traded 7.5 per cent higher at Rs 174.3 apiece.

Abakkus Asset Manager LLP bought 33,93,543 LT Foods shares, representing 0.97 per cent of the basmati rice company's equity, Rs 162.04 per share in a deal amounting to Rs 55 crore, according to BSE block deal data. 

How to trade LT Foods shares

Vishvesh Chauhan, Founder and CEO of Richie, recommends buying LT Foods shares for targets of Rs 160 and Rs 170 with a stop loss at Rs 140 apiece.

Chauhan expects the stock to touch Rs 220-240 levels in 4-6 weeks.  

LT Foods Q3 results

LT Foods reported a 52.1 per cent jump in consolidated net profit to Rs 152.6 crore over revenue growth of 9.2 per cent to Rs 1,941.7 crore for the quarter ended December 31, 2023.

LT Foods share price: Past performance 

In a year, LT Foods shares have growth over 76 per cent, sharply outperforming a rally of more than 28 per cent in the headline Nifty50 index. 

What does LT Foods do?

LT Foods is primarily in the business of milling, processing, and marketing of branded and non-branded basmati rice and manufacturing of rice food products in the domestic and overseas markets.

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