RIL chairman Mukesh Ambani-backed Lotus Chocolate Company Ltd gains strong upward momentum as its share price surges by 5,062 per cent.
Mukesh Ambani, chairman and managing director of Reliance Industries Limited, has invested in several other enterprises despite owning the multinational conglomerate. In 2023, the visionary businessman invested in a chocolate manufacturing company, which has given an impressive return this year. It is being reported that the surge began after Ambani’s Reliance Consumer Products invested Rs 74 crore, owning a 51 per cent stake in the company.
As per BSE analytics, the share of Lotus Chocolate Company has skyrocketed to Rs 1807 from Rs 35 in four years. The company witnessed a 5,062 per cent surge, with major gains occurring in the last four months. The share soared by 404 per cent after Ambani became its big shark shareholder. Five years ago, the company was trading at Rs 16, the share price further surged to Rs 35 in 2021. In the past six months, the share price has jumped by 431 per cent, while soared by 364 per cent in just three months according to BSE analytics.
Lotus Chocolate Company, a reliable business partner for the supply of cocoa and chocolate products, commended its operations in 1992. The company is India’s leading manufacturer of premium chocolates, cocoa and cocoa derivatives. It caters to local bakers and multinational companies across the world. In July, the company declared its Q1 results registering revenue growth of 114 per cent and a profit increase of 695 per cent as compared to the previous quarter. The operating income rose by 89004.88% year on year. Currently, it has a market cap of Rs 899.84 Cr as per reports.
Meanwhile, the Indian chocolate and confectionary industry is likely to grow by a compound annual growth rate (CAGR) of 10%. The industry is largely dominated by international brands including Mondelez, Ferrero, Nestle and Mars, which reportedly reigns the industry with a market share of 85 per cent.
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