11 hrs ago
Spice Lounge Food Works Stock Hits Upper Circuit Amid Crash
Spice Lounge Food Works is a small company that runs food, restaurant, hospitality and entertainment businesses.
Its share price rose by 5% even though the wider Indian stock market fell sharply.
The share reached ₹23.43 during trading on Wednesday.
Many shares were traded that day.
The company recently started a new division focused on food ingredients, farming supplies and processing.
It hopes this division can eventually generate more than ₹1,200 crore in revenue.
The division will supply the company’s own businesses and other food companies.
The company also has an entertainment business called Xora World.
Although the stock has fallen recently, it has delivered large gains over the past two and five years.
Spice Lounge Food Works shares rose 5% to ₹23.43 on BSE on Wednesday.
The stock opened at ₹23.42, compared with Tuesday’s close of ₹22.32.
About 2.55 lakh shares changed hands during the intraday session on 2 September.
The company launched a Food Emulsifier & Agro Division targeting revenue of over ₹1,200 crore.
Despite recent declines, the stock has gained 409% in two years and 1,037% in five years.
- Who
- Spice Lounge Food Works Limited and its investors.
- What
- The company’s shares hit a 5% upper circuit while it announced a new food emulsifier and agro-processing division.
- Where
- On the Bombay Stock Exchange in India.
- When
- Wednesday’s trading session, with the article citing trading data from 2 September and a business filing dated 1 September.
- Why
- The share rose amid higher trading volume and investor attention following the company’s new business expansion plans, despite weak broader market conditions.
Key facts
- Intraday high
- ₹23.43 on 2 September
- Previous close
- ₹22.32 on Tuesday
- Trading volume
- Approximately 2.55 lakh shares
- New division
- Food Emulsifier & Agro Division
- Revenue target
- Approximately more than ₹1,200 crore
- Recent performance
- Down 11% in a week, 4% in a month, 26% year to date and 52% in one year
- Long-term performance
- Up 409% in two years and 1,037% in five years
Quotes
Spice Lounge Food Works
The company, in an exchange filing, describing progress on its new food and agro-processing division
“Food Emulsifier, agro-chemical partnerships, farm-gate sourcing tie-ups and processing infrastructure commissioning are currently underway, with processing capacity scale-up, B2B/institutional supply onboarding, and export and global joint-venture partnerships to follow”
livemint.com
Sources
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