Introduction:
Two significant MoUs were signed at Rising Rajasthan 2024, Jaipur, to establish luxury resorts in Pushkar and Jawai. With ₹220 crores in investments and substantial government subsidies, these projects aim to boost employment and Rajasthan’s tourism sector.
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Share price movement of Spectrum Foods:
On December 10, 2024, Spectrum Foods Ltd. opened at ₹27.05, slightly below its previous close of ₹27.50. The stock surged 20.00% to reach a high of ₹33.00 and a low of ₹27.05. By 3:17 PM, it traded at ₹33.00, reflecting a significant gain, with a market cap of ₹81.80 crore.
Spectrum Inks MoUs Worth ₹220 Crores:
Spectrum Foods Limited has signed two major MoUs with the Rajasthan government at Rising Rajasthan 2024, Jaipur. The agreements aim to establish five-star resorts in Pushkar and Jawai, with a combined investment of ₹220 crores and 300 direct jobs.
The Pushkar project, with an investment of ₹140 crores, is in the advanced construction stage and will commence operations in six months. Meanwhile, the Jawai resort involves ₹80 crores and is set to begin in 2026. Both projects highlight Rajasthan’s commitment to bolstering tourism.
The state government will provide subsidies such as SGST reimbursement, exemptions on duties, and interest subsidies, potentially saving Spectrum Foods ₹65 crores over seven years, significantly enhancing project profitability and supporting Rajasthan’s growing tourism sector.
Recent news on Spectrum Foods:
As of November 14, 2024, Spectrum Foods Ltd. reported a 19.02% rise in net sales to ₹6.01 crore for Q2 FY24. However, net profit and EBITDA dropped significantly by 42.06% and 39.94%, respectively. Shares closed at ₹26.06.
Ace investor holding in Spectrum Foods:
Dipak Kanayalal Shah
Dipak Kanayalal Shah holds a 2.48% stake in Spectrum Foods Ltd, owning 600,000 shares valued at ₹2 crore. His investment highlights confidence in the company’s growth and its prospects within the hospitality and tourism sectors.
Stock performance of Spectrum Foods for Period of 1 week, 6 months and 1 year:
Spectrum Foods Ltd has shown a modest gain of 2.27% over the past week. Over the last six months, the performance dipped slightly by -1.86%. However, the stock delivered a strong 32.3% return over the past year, reflecting robust growth.
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Shareholding pattern of Spectrum Foods:
All values in % | Sep 2024 | Jun 2024 | Mar 2024 |
Promoter | 47.00% | 47.00% | 42.00% |
FII | 0% | 0% | 0% |
DII | 0% | 0% | 0% |
Public | 53.00% | 53.00% | 58.00% |
About Spectrum Foods:
Spectrum Foods Ltd. (NSE: SPECFOOD), established in 1994, is a leading B2B salt and spices manufacturer. Based in Phalodi, Rajasthan, it operates state-of-the-art facilities powered by a 400 kWh captive solar plant.
Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.