Shares of Parag Milk Foods settled at Rs 247.80 on BSE, a premium of 15.26% over the initial public offer price of Rs 215 on its debut on the stock exchanges today, 19 May 2016.
The stock debuted at Rs 215.70, a premium of 0.33% to the initial public offer (IPO) price. The stock hit a high of Rs 250 and low of Rs 215.70 in intraday trade. On BSE, 44.28 lakh shares were traded on the counter.
Meanwhile, the S&P BSE Sensex lost 304.89 points or 1.19% to settle at 25,399.72.
Parag Milk Foods is one of the leading manufacturers and marketers of dairy-based branded foods in India.
Based on the consolidated financial performance, Parag Milk Foods registered net profit of Rs 31.92 crore on revenue from operations of Rs 1230.60 crore for 9 months ended 31 December 2015. The company reported net profit of Rs 25.96 crore on revenue from operations of Rs 1438.70 crore for the year ended 31 March 2015. The company has stated in its Red Herring Prospectus that it has not declared any dividend in the last five financial years. The company has no formal dividend distribution policy.
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