FMCG stock Sarveshwar Foods rises 3% as it plans Dubai acquisition

Shares of Sarveshwar Foods, an FMCG company, rose 3.04% on Friday, closing at Rs 9.84. The stock opened at Rs 9.65 and reached a high of Rs 9.91 during the day, driven by news of its international expansion. The company plans to fully acquire Natural Global Foods DMCC, a Dubai-based firm, by the end of 2024. This acquisition will make the Dubai entity a wholly-owned subsidiary, enhancing Sarveshwar Foods' presence in the Middle East market. Sarveshwar Foods has seen significant growth, with a 66% increase in 2024 and a total return of 108% over the past year. The company also split its shares in September 2023, making them more accessible to investors.