PEs, strategics eye minority stake in Zoff Foods at over ₹1,000 crore valuation
ITC is in focus.
· LiveMint Companies
The Raipur-based company, which competes with the likes of MDH Spices and Everest Food Products, will look to tap both private equity firms and strategic investors including ITC, Emami and Orkla India for the funding round.
The analysis
ITC reported ₹1,000 crore. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is -1.0% on the day at ₹260.80, and has returned -7.2% over three months. It sits 38% below its 52-week high, which means a good deal of bad news was already in the price. The fmcg sector has moved -4.5% over the same period, so ITC is running 2.7 points behind its peers.
For ITC, the question is how much of this is already reflected in the price and how much re-rates the fmcg peer set alongside it.
Market context
- The company directly in focus is ITC.
- Sector exposure: FMCG.
In this story
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