Mumbai, June 7: International Bestfoods Ltd, erstwhile Corn Products Ltd, which is the 74 per cent subsidiary of Bestfoods (now taken over by Unilever plc) has generated interest in this otherwise illiquid stock on the bourses here and the scrip has shot up by 57 per cent from Rs 130 on May 24, 2000 to Rs 203 at end of trading today in about 7 trading sessions.Analysts say it will give HLL's domestic food business a shot in the arm with the addition of three well known brands- Captain Cook salt, Rex jelly and Knorr soup. The takeover of International Bestfoods gives HLL ownership of the former's salt manufacturing facility. HLL markets salt under its Annapoorna brand and has declared its intention of doubling its foods business in the next three years, sources pointed out.
International Bestfoods hit a high of Rs 390 on December 23 but since then has been on a downward journey, partly because it reported a loss of Rs 8.97 crore on sales of Rs 76.28 crore in the nine months to December 31, 1999 against a profit of Rs 1.78 crore on sales of Rs 32.28 crore in the corresponding period of 1998. With low floating stock, the scrip is thinly traded and after a long gap nearly 4000 shares were traded on June 6, when it closed firm at Rs 189.
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