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Our Bureau

Mumbai, Aug. 25 Himalya International, a Delhi-based food processing company, saw its stock hit the 20 per cent upper circuit on Monday following news of its tie-up with Bharti Wal-Mart.

The stock was trading at Rs 26.30, up Rs 4.35 or 19.82 per cent from its previous close before the circuit filter was applied.

In a week, the stock has moved up 17.41 per cent and in a month, it surged 21.48 per cent. The stock was among the top gainers of the day in the B-Group stocks.

Volumes were much higher than what the stock had recently averaged.

A total of 2.8 lakh shares of the company were traded on the BSE, against the two-week daily average of 50,738 shares.

“Bharti’s cash and carry operations would open up a wide range of products for Himalya International, that too at wholesale prices. This would have a positive impact on their profits,” said the head of research at a stockbroking firm.

The company announced after market hours on Friday that it had signed agreements with both Bharti Wal-Mart retail chain as well as with Wal-Mart.

The company in a statement to the BSE said Bharti Wal-Mart would be in the retail business through their mini, major and mega format stores, while Wal-Mart would be looking after the business to business operations, involving supply to retail and kirana (grocery) set ups with a lot of emphasis on the hotels, restaurants and catering sectors.

The company said it is in the process of tying up with other such major retail chains to increase its presence in the domestic market. It is in the midst of tying up with such retailers as Reliance and More (A V Birla group).

More Stories on : Stocks | Retailing | Foods & Food Processing

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