Hindustan Foods rose 2.80% to Rs 1065.25 after the company said that it will undertake a capital expenditure of Rs 125 crore in the Northern region of India, via its wholly owned subsidiary HFL Consumer Products.
In August 2020, the company s board had approved an investment of up to Rs 100 crore in HFL Consumer Products, for incurring capital expenditure to commence their business.
The company s subsidiary will be setting up a food & beverages manufacturing facility for a leading FMCG brand. The work for the said facility will commence from Q4FY21 and commercial production is expected to begin from Q4FY22. The new facility is part of company s consolidated plans to expand its footprint in contract manufacturing space for the FMCG products. The capex by the subsidiary is likely to be funded through combination of internal accruals and debt.
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Among the blue chip names, UPL was the biggest loser in Nifty pack, falling 11.29 per cent to Rs 437.
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UltraTech Cement, Shree Cement, Tata Motors, Mahindra & Mahindra, HDFC Bank, TCS, Axis Bank and ICICI Bank were among other losers in Nifty pack.
NEW DELHI: Domestic equity market ended in the red on Thursday as investors preferred to book profits in recent outperformers from the financial and IT space. As a result, the benchmark BSE Sensex snapped its five-day gaining streak, settled 143.62 points, or 0.31 per cent, down at 45,959.88.
Similarly, the broader NSE Nifty witnessed its first loss in December, closed 50.80 points, or 0.38 per cent, down at 13,478.30.