Britannia falls on tepid Q1 results

NEW DELHI: Shares of Britannia Industries fell on Monday after the company reported on Monday, a 1.41 per cent fall in consolidated net profit at Rs 216.12 crore for the quarter ended June 30, 2017 against Rs 219.21 crore in the corresponding quarter last year.

Following the development, the stock lost 2.43 per cent to Rs 4,007.40 on BSE. It however settled the day marginally lower at Rs 4,070.95, down 0.89 per cent. It opened at Rs 4,124 and touched an intraday high and low of Rs 4,138.55 and Rs 3,979.25 respectively.

The stock fell even after reports that the company is planning to set up its largest plant at Ranjangaon Food Park in Maharashtra with an investment of Rs 1,000 crore.

"There will be an investment of Rs 1000 crore at the Ranjangaon food park over a period of four to five years with an employment potential for 3000 people", MD of Britannia Industries Varun Berry told reporters after the company's 98th Annual General Meeting.

The scrip touched its fresh 52-week high of Rs 4,214.50 on August 7, 2017 and its 52-week low of Rs 2,776 on December 23, 2016.