Himalaya International jumps 17% on US joint venture boost

Shares of Delhi-based food processing company Himalaya International rose sharply on hopes of better prospects after the company entered into a joint venture with the USbased JR Simplot, which is a large player in agriculture and potato processing.

The market was also abuzz with talks that the company’s greenfield facility at Gujarat is likely to be commissioned in the July-September quarter, which will significantly boost its revenues in the coming years. The share price shot up nearly 17% to Rs 28.9 on volumes of 8.3 lakh shares, 15 times higher than the twoweek average quantity traded on the BSE.

The stock, in fact, has rallied 30% in past one week. Himalaya International is the country’s first frozen food company growing mushrooms, processing baby potatoes, buffalo cheese and Indian deserts. Recently, the company allotted two million warrants at the rate of Rs 26 to its promoters.

(Contributed by Apurv Gupta & Vijay Gurav)