Prabhat Dairy drops after IT department search

Prabhat Dairy lost 2.86% to Rs 115.30 at 14:41 IST on BSE after the Income Tax Department conducted a search at the offices of the company and its subsidiaries and the residence of executive directors.

Meanwhile, the BSE Sensex was down 145.54 points, or 0.54%, to 26,933.97

On BSE, so far 78,253 shares were traded in the counter, compared with an average volume of 3.91 lakh shares in the past two weeks.

The stock hit a high of Rs 119.30 and a low of Rs 113.10 so far during the day. The stock hit a record high of Rs 129.30 on 6 October 2015. The stock hit a record low of Rs 99.55 on 29 September 2015.

Shares of Prabhat Dairy listed on the bourses on 21 September 2015. On that day, it settled at Rs 116.35 on BSE, a premium of 1.17% over the issue price of Rs 115.

The small-cap company has an equity capital of Rs 97.68 crore. Face value per share is Rs 10.

Prabhat Dairy during market hours today, 12 October 2015 said that the Income Tax Department has pursuant to the provisions of section 132(1) and section 133A of the Income Tax Act, 1961 conducted a search at the offices of the company at Shrirampur, Pune and Navi Mumbai and also at the offices of the subsidiaries of the company and the residence of executive directors residing at Shrirampur on 9 October 2015 which concluded in the early morning hours today, 12 October 2015.

The company including all its subsidiaries and directors have provided the fullest co-operation to the department to complete the enquiry, Prabhat Dairy said. It is to put on record that no undisclosed income was found as far as the company and its subsidiaries are concerned, the company said.

On consolidated basis, Prabhat Dairy's net profit rose 1.29% to Rs 21.05 crore on 16.81% growth in net sales to Rs 1000.77 crore in the year ended 31 March 2015 (FY 2015) over the year ended 31 March 2014 (FY 2014).

Prabhat Dairy is an integrated milk and dairy products company in India, catering to institutional as well as retail customers. The company produces and sells a range of pasteurized milk and other dairy products to retail customers under the Prabhat, Flava and Milk Magic brands.

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