The stock market is witnessing a rise after consolidation on Wednesday afternoon. Nifty has made 24200 its immediate support level. Movement is being seen in large-cap stocks. Along with this, many stocks are also showing news-based growth.

The stock price of FMCG sector penny stock Sarveshwar Foods Ltd saw a gain of up to 8% on Wednesday and its price reached the level of Rs 9.75. The market cap of the company is Rs 936.73 crore.

Sarveshwar Foods is an FMCG company, whose shares saw a huge demand on Dalal Street on Wednesday after its subsidiary received an order. This penny stock priced below Rs 10 opened at Rs 9.18 on the NSE, while it had last closed at Rs 9.03. In early morning deals, the stock made a high of Rs 9.75, up nearly 8 percent. Buying was seen in this stock since morning and about 33.33 lakh shares were traded.

Sarveshwar Foods has announced through an exchange filing that its wholly-owned subsidiary Green Point Private Limited, Singapore has received a large order to supply 12,000 metric tonnes of premium Indian long grain parboiled rice, worth about Rs 445 million.

The filing said the order is part of the subsidiary's strategic drive to achieve a turnover of over Rs 2,000 million during the current financial year.

The company said the recently acquired Singapore-based Green Point Pte serves as a gateway to the growing global market for rice and rice-based products. The company said the order will further strengthen Sarveshwar Foods' position as the global rice-based products market is expected to grow from US$ 226.36 billion in 2023 to US$ 361.41 billion by 2031, driven by rising demand for gluten-free options.

Sarveshwar Foods Share Price History

Sarveshwar Foods is a ssmall-capcompany with a market capitalization of Rs 936.73 crore. Its shares have given a solid return of 64 percent so far in 2024. The FMCG stock has given a mmulti-baggerreturn of 104 percent in the last one year.

In September 2023, the company increased the face value of equity shares from Rs 10 to Rs 1 and then issued two bonus shares for every share.