India's Bikaji Foods International hits record high after Nuvama 'BUY' rating initiation

Bikaji Foods International

21/06/2024 07:16

** Shares of Bikaji Foods International  BIKA.NS  rise as
much as 3.7% to a record high of 747 rupees
    ** Nuvama Initiates coverage with ‘BUY’, with TP of 885
rupees
    ** Bikaji, strong in Rajasthan, Assam, and Bihar (market
share 45%, 57%, 26%), targets growth in UP, Punjab, Haryana,
Delhi, Karnataka, Telangana (1.5–2% share); aims to reach
high-single digits there soon - Nuvama
    ** Rising consumer preference for savory snacks, ethnic
snacks, alongside ongoing consolidation in unorganised sector,
expected to fuel co's growth in years ahead, adds Nuvama
    ** Stock on track to rise for a sixth straight week, if
gains hold
    ** BIKA stock up 33.1% so far this year
    

 (Reporting by Yagnoseni Das in Bengaluru)
 ((Yagnoseni.das@thomsonreuters.com))