Clarifying that there is no financial impact on the business at this stage, Bikaji Foods said the company is not under any default in the matter.
Shares of Bikaji Foods International Ltd touched an intraday high of Rs 677.25 per share on the NSE, rising 19.1 percent.
Bikaji Foods International stock surged up to 10 percent after the snacks maker reported a 14 percent year-on-year increase in net profit at Rs 69.2 crore for Q2 FY25.
At Monday's 54th GST Council meeting, Finance Minister Nirmala Sitharaman announced that the GST rate on such products has been reduced prospectively to 12 percent from 18 percent earlier
The investment of Rs 60.49 crore for a 55 percent stake will make Ariba Foods a subsidiary of Bikaji Foods.
Bikaji’s execution in the high-growth packaged snacks industry remains ahead of its listed peers, according to JM Financial. Hence it believes premium valuations will sustain
Bikajo Foods' revenue from operations also rose 12.8 percent on-year to Rs 520.82 crore in the March quarter, from Rs 461.69 crore in same period last year.
Revenue from operations also surged 12.8 percent to Rs 520.82 crore in the March quarter, from Rs 461.69 crore in same period last year.