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Prabhat Dairy hits the roof

Capital Market 

Prabhat Dairy hit an upper circuit limit of 5% at Rs 82.05 at 11:05 IST on BSE after the company said it completed the sale of its shareholding in its arm to Tirumala Products.

The announcement was made after market hours yesterday, 11 April 2019.

Meanwhile, the S&P was up 22.34 points, or 0.06% to 38,629.35.

On the BSE, 16,000 shares were traded in the counter so far compared with average daily volumes of 18,000 shares in the past two weeks. The stock had hit a low of Rs 79.75 in intraday trade. The stock hit a 52-week high of Rs 190 on 18 April 2018. The stock hit a 52-week low of Rs 47.15 on 6 February 2019.

Prabhat Dairy said sale of its shareholding in its wholly-owned step down subsidiary, (SAIPL), to and the sale and transfer of company's dairy products business by way of slump sale on a going concern basis to SAIPL post completion of transfer of SAIPL shares is successfully completed and closed on 10 April 2019.

On a consolidated basis, Prabhat Dairy's net profit declined 32.43% to Rs 9.98 crore on 14.64% rise in net sales to Rs 463.03 crore in Q3 December 2018 over Q3 December 2017.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, April 12 2019. 11:07 IST