Geojit is bullish on LT Foods has recommended buy rating on the stock with a target price of Rs 120 in its research report dated March 21, 2023.

Buy LT Foods; target of Rs 120: Geojit

The Saudi Arabian company’s 9.22 per cent stake buy in LT Foods for a deal value of ₹455.5 crore was announced in November last year

CCI approves SALIC’s equity buy in LT Foods

Stocks to watch out for are Amrutanjan, LT Foods, Vodafone Idea, Paytm, and Phoenix Mills

Stocks that will see action on February 15, 2023

LT Foods advanced 2.15% to Rs 106.90 after the Competition Commission of India approved the acquisition of certain equity share capital of the company by Riyadh-based SALIC International Investment Corp.

LT Foods rises after CCI approves stake acquisition by Riyadh-based SALIC International

LT Foods is engaged in rice-based foods business, led by brands such as Daawat.

CCI Approves SALIC International’s Stake Purchase In LT Foods

LT Foods Consolidated December 2022 Net Sales at Rs 1,778.47 crore, up 29.98% Y-o-Y

Broadly at a portfolio level, calendar year 2022 was more or less flat, however, at the company level, a couple of our top holdings like JK Paper and LT Foods have almost doubled from the last years valuation.

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LT Foods is in strong bullish momentum, where it has created a strong base at the 100-DMA after a profit booking. It is resuming its bullish momentum with a breakout of the horizontal hurdle of Rs 118, which coincides with its 50-DMA

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“In addition, SALIC will acquire 1.33 per cent equity stake through a secondary share purchase from the Promoters Group. Post completion of this transaction, SALIC will hold 9.22 per cent equity stake in LT Foods. The Promoters of the company will continue to hold the majority equity stake of 51%,” …

Saudi Arabia’s SALIC acquires 9.2% stake in LT Foods

Will invest ₹455.5 crore to acquire stake through primary and secondary investments

Saudi Arabia’s SALIC to acquire 9.22 per cent in LT Foods

Nykaa shares will trade ex-bonus in a 5:1 ratio. The company has fixed November 11 as the record date for the purpose of determining members eligible for bonus shares

Nykaa shares to go ex-bonus; Gillette, LT Foods & Dalmia Bharat to go ex-dividend

Price return has been average, nothing exciting

Performance

Seems to be overvalued vs the market average

Valuation

Financials growth has been moderate for a few years

Growth

Showing good signs of profitability & efficiency

Profitability

The stock is underpriced and is not in the overbought zone

Current price is less than the intrinsic value

Fundamentals

Good time to consider, stock is not in the overbought zone

Technicals

Entry point

Promoter pledged holding

Unsolicited messages

Default probability

Red flags

LT Foods Limited is engaged in the business of milling, processing and marketing of branded and non-branded basmati rice and manufacturing of rice food products in the domestic and overseas market.

LT Foods Ltd