Patanjali Foods Share Price: Patanjali Foods tumbles 4% after over 1 crore shares change hands via block deal

According to reports, the floor price was set at Rs 1,815, and the promoters are believed to be the likely sellers. However, official details about the parties involved in the transaction or the exact deal size are not currently available.

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On July 1, Patanjali Foods announced that its board had approved the phased acquisition of the non-food business of its parent company, Patanjali Ayurved, for Rs 1,100 crore.Patanjali Foods and Patanjali Ayurved have also agreed to a licensing agreement, allowing Patanjali Foods to use the trademarks and associated intellectual property rights owned by Patanjali Ayurved, the company announced. Analysts are positive about the acquisition, noting that it will accelerate Patanjali Foods’ goal of becoming a comprehensive FMCG company.As of June 30, 2024, Patanjali Ayurved owned a 32.4% stake in Patanjali Foods.

Patanjali Foods’ portfolio includes edible oils under the Ruchi Soya franchise, biscuits, cookies, breakfast cereals, and noodles. The non-foods business encompasses toothpaste, shampoo, and soap.

Over the past year, Patanjali Foods’ shares have increased by 43.7%, and year-to-date, the stock has surged by 18.7%. In the last six months, the stock has risen by 38.5%.

Technically, the stock is well above all significant exponential moving averages and is oscillating near the 63 level on the Relative Strength Index (RSI), indicating a mid-range mark on the indicator.

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