Amira Nature Foods Ltd (NYSE:ANFI) shares are trading higher after the company announced a new $6 million contract to supply rice to a customer in Europe, Middle East, and Africa (EMEA) region.
Amira Nature Foods expects to recognize the benefit of this contract in the fiscal year ending March 31, 2020.
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“We are extremely pleased to announce this development, which along with our previously announced customer orders, amounts to over $57 million in revenue. This equates to securing 29 percent of our forecasted $200 million of FY2020 revenue just 63 days, 17 percent into the fiscal year,” said Amira Chairman Karan Chanana.
On Wednesday, Amira Nature Foods shares were trading up 10.4 percent at $1.17.