This is one stock which has been in the news for some time now. The stock has been witnessing a lot of buying. The reason being Temptation Foods announcing that it has acquired a 11.83% stake in the company. But the shareholding pattern as on 31st Dec shows the holding of Temptation Foods at 2.28%, this has come down from 5.02% it held as on Q2FY09. And the management in a television interview also clarified that it has no intentions of selling even one percent stake in the company. So that mystery continues.
Kohinoor Foods is engaged in selling rice under its flagship brand, Kohinoor, along with other brands like Trophy, Falcon and Charminar. It launched Kohinoor brand of ready-to-eat food in 2004. In Dec 2008, it tied up with Target Corporation, USA for supplying Indian food products. Being in branded foods, its margins are high. The previous quarters of current fiscal reflects the high prices of commodities, which directly affects the working capital requirements and that in turn, has been reflected in the financials of the company.
But financially, Kohinoor seems to be under pressure. For the third quarter ended 31st Dec 2008, the company showed a decline in topline on a YoY and it posted a net loss at Rs.3.56 crore as against Rs.8.29 crore net profit it posted in Q3FY08.
At this juncture, too many speculative forces are at work on the stock. Best to stay away until a clearer picture emerges. thanks
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