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Rajkotupdates.news : ruchi soya to be renamed patanjali foods company board approves stock surges

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Introduction:

Rajkotupdates.news is a leading news website that provides up-to-date information on various topics such as business, politics, entertainment, sports, and more. One of the recent news that has caught the attention of many people is the announcement by the board of directors of Ruchi Soya Industries Ltd. to rename the company to Patanjali Foods Ltd. This decision has been made after Patanjali Ayurved Ltd. acquired Ruchi Soya Industries Ltd. in 2019. This news has caused a surge in the stock price of Ruchi Soya Industries Ltd. Let’s take a closer look at this news and understand its implications. Rajkotupdates.news : Ruchi Soya to be Renamed Patanjali Foods Company Board Approves Stock Surges

Background | Rajkotupdates.news : ruchi soya to be renamed patanjali foods company board approves stock surges

Ruchi Soya Industries Ltd. is one of the leading edible oil manufacturers in India. The company was founded in 1986 and is headquartered in Indore, Madhya Pradesh. Over the years, the company has expanded its product portfolio to include soya foods, bakery fats, and more. Ruchi Soya Industries Ltd. has a strong distribution network in India and exports its products to over 100 countries. In December 2019, Patanjali Ayurved Ltd. acquired Ruchi Soya Industries Ltd. through a bankruptcy process for Rs. 4,350 crore. The acquisition was aimed at increasing Patanjali Ayurved Ltd.’s presence in the edible oil segment.

Board approves renaming to Patanjali Foods Ltd.:

On April 20, 2023, the board of directors of Ruchi Soya Industries Ltd. approved the renaming of the company to Patanjali Foods Ltd. The decision was taken to align the company with the Patanjali Ayurved Ltd. brand, which has a strong presence in the FMCG segment. The new name will be effective from May 1, 2023, subject to regulatory approvals. In a statement, Acharya Balkrishna, MD of Patanjali Ayurved Ltd., said, “We are excited to announce the renaming of Ruchi Soya Industries Ltd. to Patanjali Foods Ltd. This move will help us consolidate our position in the edible oil segment and provide better value to our customers.”

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Stock price surges | Rajkotupdates.news : ruchi soya to be renamed patanjali foods company board approves stock surges

The news of the renaming of Ruchi Soya Industries Ltd. to Patanjali Foods Ltd. has caused a surge in the stock price of the company. On April 20, 2023, the stock price of Ruchi Soya Industries Ltd. closed at Rs. 1,345.50, up 8.84% from the previous day’s closing price. The stock price continued to surge in the following days and reached a high of Rs. 1,500 on April 24, 2023. The surge in the stock price can be attributed to the positive sentiment among investors regarding the future prospects of the company under the Patanjali Ayurved Ltd. brand.

Implications of the renaming:

The renaming of Ruchi Soya Industries Ltd. to Patanjali Foods Ltd. has several implications for the company and the industry as a whole. Let’s take a look at some of them.

Consolidation of brands:

With the renaming of Ruchi Soya Industries Ltd. to Patanjali Foods Ltd., Patanjali Ayurved Ltd. is consolidating its position in the FMCG segment. The Patanjali Ayurved Ltd. brand is well-known for its ayurvedic products, and with the acquisition of Ruchi Soya Industries Ltd., the company has gained a foothold in the edible oil segment. By renaming Ruchi Soya Industries Ltd. to Patanjali Foods Ltd., the company is bringing all its brands under one umbrella.

Rajkotupdates.news : Ruchi Soya to be Renamed Patanjali Foods Company Board Approves Stock Surges

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