Parag Milk Foods soars after promoter hikes stake

Parag Milk Foods jumped 13.21% to Rs 143.50 after the company said its promoter acquired additional 0.24% stake through open market.

On Friday, 15 November 2019, the company's promoter, Devendra Shah, acquired 2 lakh equity shares, representing 0.24% stake, through open market.

Post-acquisition, Shah's holding in the company increased to 18.08% from 17.84%, according to stock exchange disclosures. The announcement was made before trading hours today, 18 November 2019.

On the BSE, 1.23 lakh shares were traded in the Parag Milk Foods counter which is almost 3.5 times the average daily volumes of 36,674 shares in the past two weeks.

The stock hit an intraday low of Rs 125.05, which is also an all-time record low for the counter.

Shares of Parag Milk Foods fell 7.95% in the past six trading sessions to settle at Rs 126.75 on Friday, 15 November 2019, from its close of Rs 137.70 on 6 November 2019.

Parag Milk Foods' consolidated net profit fell 6.4% to Rs 28.49 crore on 11.6% rise in net sales to Rs 640.03 crore in Q2 September 2019 over Q2 September 2018.

Parag Milk Foods is engaged in manufacturing and processing of milk and milk products. The company offers a range of products, which include cheese, ghee, whey proteins, paneer, curd, yoghurt, milk products, liquid milk, milk-based beverages and milk powders.

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