NHC Foods gets tasty

NHC Foods has shown an eight times rise in volume with the stock price showing a lot of volatility. The stock price went up some 18% to an intra day high at Rs.21.90 and after that, it has slipped into the red and it is now at Rs.18 levels, down some 2%.

The stock price rose on news that it plans to raise funds via stake sale. The news is that Malaysian based MAP Enterprises is holding talks with the company for taking a stake in the company. MAP Enterprises has been NHC Foods overseas partner for some 20 years now and thus this news does not come as a complete surprise.

The company has said that it plans to raise funds through sale of its fully automated manufacturing unit in Pardi, stake sale as well as promoters contribution to become a debt-free company over the next 24 months.