Bikaji Foods International’s share price rose to an all-time high for the third day in a row today. Throughout the last three sessions, Bikaji Foods’ stock increased by almost 15%. IIFL Securities recommended a buy in a note dated August 6th for Bikaji Foods International. Compared to the current market price of ₹823.50, the target price of ₹970 indicates a 3.0% rise. However, the stock is presently over the thresholds.
As of March 31, 2024, Bikijia Foods trades in 25 Indian states and 4 union territories. Furthermore, Bikaji Foods exports its products to 25 countries in North America, Europe, the Middle East, Africa, and the Asia-Pacific region. Its product categories include namkeen, bhujia, packaged sweets, papad, western snacks, various gift packs, frozen meals, mathri, and cookies. Due to its broad geographical reach, the company can provide offerings for both domestic and international customers.
Bikaji Foods International Ltd. has been graded ‘AA-‘ by Stratzy’s MOST Framework. The company’s competent management team and steady financial performance are the reasons behind its high rating. The growing demand for Bikaji Foods’ products both domestically and abroad has the company feeling positive about the future. The company has a strong cash flow, and its debt load is reasonable. Furthermore, adhering to stringent standards for food production is important to Bikaji Foods, which is committed to quality and safety.
International share price
In comparison, the benchmark Nifty 50 index has gained by 11.3% during the same period, while shares of Bikaji Foods have increased by more than 44% since the year’s commencement.
The opening share price of Bikaji Foods International on the BSE was ₹804.00. During the day, the stock fluctuated between ₹850.60 and ₹804.00.
“We’re observing a volume-driven upward movement in this sector, and after a period of consolidation, a bullish breakout occurred this week. This stock has outperformed the broader market and is expected to continue performing well in the near term. An upward move towards ₹900 is anticipated, with any dip towards ₹750 likely to attract buyers,” said Rajesh Bhosale, Equity Technical and Derivative Analyst.
