Meanwhile, stock market benchmark indices Sensex and Nifty rebounded sharply in morning trade on Wednesday after heavy drubbing in the previous session amid buying in blue-chip bank stocks and a firm trend in Asian peers.
Mumbai: Jammu-based food processing company Sarveshwar Foods has informed exchanges that its board has approved a proposal for increasing the authorised capital of the company. The company said that the board has approved an increase in authorised capital from Rs 120,00,00,000 to Rs 160,00,00,000. The board has also approved the alteration of the Memorandum of Association to substitute the existing Clause V with the new Clause V, subject to approval of members.
“Approved increase in Authorised Capital of the Company from Rs.120,00,00,000(Rupees one Hundred and Twenty Crores only) consisting of 120,00,00,000 Equity shares of Re.1/- each to Rs.160,00,00,000(Rupees One Hundred consisting of 160,00,00,000 (One Hundred and Sixty Crores only) to member’s approval,” the filing reads.
Sarveshwar Foods Limited is engaged in the business of processing and marketing of branded and un-branded basmati and non-basmati rice in the domestic and international markets.
Partnership With NBFCs
Last year, the company announced that it had initiated strategic partnerships with certain Non-Banking Financial Companies (NBFCs) to enhance financial support for farmers and drive improvements within the agricultural sector.
Under the proposed arrangement, Sarveshwar Food will facilitate the connection between NBFCs and farmers. The financing arrangements will be conducted directly between the NBFCs and the farmers, with no recourse to the company.
Stock Market Today
Meanwhile, stock market benchmark indices Sensex and Nifty rebounded sharply in morning trade on Wednesday after heavy drubbing in the previous session amid buying in blue-chip bank stocks and a firm trend in Asian peers.
The 30-share BSE benchmark gauge Sensex bounced back in early trade and later jumped 835.2 points or 1.02 per cent to 82,021.64. The NSE Nifty surged 262.3 points or 1.06 per cent to 24,946.20.
From the Sensex firms, Sun Pharma, Bajaj Finance, UltraTech Cement, Mahindra & Mahindra, Bajaj Finserv, Tech Mahindra, HDFC Bank and Tata Motors were the biggest gainers.
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
