Sunil Singhania's Abakkus Asset Management made a significant move on Tuesday by acquiring a 0.98% stake in LT Foods through block deals, as per data from the exchanges. The seasoned investor's firm procured nearly 34 lakh shares of LT Foods at an average price of ₹162.04 per share, totalling a transaction value of around ₹55 crore.
Notably, Abakkus' name did not appear in LT Foods' December quarter shareholding pattern, indicating that this could be the firm's initial purchase in the stock or that its stake was below 1%.
As of December 31, domestic mutual funds collectively hold a 3.08% stake in LT Foods, with DSP Smallcap Fund holding a significant 3.04% stake. Another notable public shareholder in LT Foods is Mukul Agrawal, with a 1.15% stake.
The largest public shareholder in LT Foods, however, is SALIC (Saudi Agricultural and Livestock Investment Company), owning a substantial 9.2% stake. SALIC, a wholly-owned subsidiary of the kingdom's Public Investment Fund (PIF), acquired this stake in November 2022.
In a conversation with CNBC-TV18 on January 29, LT Foods' Ashwani Arora discussed the impact of increased freight rates to Europe and the US due to the Red Sea crisis, stating that the company is evaluating its margin implications. Arora also mentioned the company's assessment of its pricing strategy in light of the crisis.
LT Foods, renowned for its brand Daawat, specializes in the production and distribution of rice and rice products. Over the past 12 months, shares of LT Foods have surged by 72%.
Currently, the stock is trading at a price-to-earnings multiple of 10.3 times for the financial year 2025, aligning closely with its five-year average multiple of 10 times.
(Edited by : Akanksha Upadhyay)
First Published: Mar 20, 2024 9:01 AM IST
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