Both of these stocks have soared more than 100% in the past three weeks

Shares of Kohinoor Foods (Rs 70.95) and Hindustan Motors (Rs 25.55) continue their upward march, with market prices for both companies more than doubling in the past three weeks.

Both stocks were trading at their respective 52-week highs, stuck on the 5% BSE upper circuit on Tuesday. By comparison, at 12:30 p.m., the S&P BSE Sensex was down 0.06% at 52,813 points.

Over the past three weeks, Kohinoor Foods has zoomed 137% from a level of Rs 10.77 on May 24, 2022, while Hindustan Motors is up 106% from Rs 34.40 on BSE.

Kohinoor Foods shares were locked in the upper circuit for the 47th day. Shares of the agricultural produce company soared 813% from a level of 7.77 rupees on April 6, 2022, after exchanges revoked a suspension on trading in the stock. Previously, the stock last traded on May 3, 2021 and closed at Rs 7.55 on BSE.

Currently, Kohinoor Foods trades under the T group on the BSE and under the BE category on the NSE. In the T2T and BE segment, each transaction must result in a delivery and no intraday netting of positions is permitted.

Kohinoor Foods is principally engaged in the manufacture, trading and marketing of food products. The company offers an extensive range that meets the needs of consumers around the world – ranging from a wide variety of basmati rice, ready-to-eat curries and meals, ready-made sauces, cooking pastes, chutney , from spices and seasonings to frozen breads, healthy snacks, cereals and edible oils.

The most powerful company brand ‘Kohinoor’ is a household name in countries like USA, UAE, Canada, Australia, Middle East, Singapore, Japan, Mauritius and other European countries.

Banks classified the company’s accounts as non-performing assets and served notice on it in the month of July 2018 to March 2019 and February 2020 to September 2020. The company has responded to said notices and is negotiating with various feasible options, Kohinoor Foods said in its March quarter results.

Regarding Hindustan Motors, the company has stated that the movement of the company’s share price or the push in the volume of its shares is purely based on market sentiment and the company has no input/comment to this respect because it is in no way linked with such a price movement.

“There is no pending information or announcements, which have an impact on the price movement of the company’s shares on our side. The price movement or the surge in trading volume on the shares of society is purely market driven and the company or its promoters or any key management personnel have nothing to do with it.Furthermore, we have also asked our RTA group and Promoters/Promoters and have been advised that they haven’t bought/sold any shares in the last 6 months,” said Hindustan Motors on May 31, 2022.

According to media reports, Hindustan Motors is likely in talks with a European automotive company focused on the electric vehicle (EV) space for a joint venture. A Memorandum of Understanding (MoU) has been signed and due diligence is expected to begin shortly and will take 2-3 months to conclude, Business Standard reported on May 25, 2022. CLICK HERE FOR THE FULL REPORT

In its FY21 annual report, Hindustan Motors had said it was aiming to restart operations and had started a process of cost rationalization after work was suspended at the Uttarpara plant.

Additionally, the company is committed to seeking connections with potential investors or strategic partners who can bring new product portfolios to market and inject capital into the company.

In addition, the company is considering various measures, including the alternative use of fixed assets to generate income.

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