Shares of Amira Nature Foods Ltd (NYSE:ANFI) are trading up significantly in the pre-market this morning after the company released an 8-K filing indicating that they have entered into a $92 million contract with a repeat customer located in the Europe, Middle East, and Africa region for third party branded rice. This news comes on the heels of the stock already moving up over 200% over the last four and a half months, and could significantly increase the company’s top and bottom lines over the next year.
Although shares of Amira Nature Foods Ltd (NYSE:ANFI) are nowhere close to their 52-week highs of $14.74, this news certainly is a will go a long way to please shareholders as we move into 2016. The stock closed at $8.8 during the last trading session. It is down 11.11% since May 28, 2015 and is downtrending. It has underperformed the S&P500 by 8.99%.
Amira Nature Foods Ltd. is a well-known provider of packaged Indian specialty rice and other related rice based products. The company has a market cap of $320.34 million. The Company’s products include snacks, ready-to-heat meals, organic product offerings, wheat, barley and legumes. It has 6.4 P/E ratio. ANFI sells Basmati rice, a long-grain variety of rice grown only in certain regions of the Indian sub-continent, under the brand name Amira.