Parag Milk Foods rose 4.93% to Rs 285.10 at 14:17 IST on BSE after the company said it acquired Danone's manufacturing facility in Sonipat, Haryana.
The announcement was made during trading hours today, 19 April 2018.Meanwhile, the S&P BSE Sensex was up 72.55 points, or 0.21% to 34,404.23.
On the BSE, 1.93 lakh shares were traded in the counter so far compared with average daily volumes of 1.95 lakh shares in the past two weeks. The stock had hit a high of Rs 288 and a low of Rs 274.90 so far during the day. The stock hit a 52-week high of Rs 318.90 on 4 January 2018. The stock hit a 52-week low of Rs 205.85 on 28 June 2017.
Parag Milk Foods announced its expansion plans in North India with the acquisition of Danone manufacturing facility in Sonipat, Haryana, post the completion of regulatory requirements. The acquisition is a strategic investment in strengthening Parag Milk Foods fresh category distribution in the North and North-East regions of India. As a part of investment, the company will refurbish the new facility with additional amenities to increase its product portfolio in the region.
The company thrives to deliver the freshest dairy products available in the market. To maintain freshness, it is imperative to have a manufacturing unit close to the market. With this investment, the company becomes the largest player in private dairy sector in India involved in the manufacturing, marketing and distribution of dairy products produced exclusively from pure and fresh cow's milk.
The manufacturing plant is spread across 5,500 square meters on the outskirts of Delhi NCR and provides easy accessibility to target consumer segment. Plant's current milk processing capacity is 0.75 lakh litre per day along with curd processing capacity of 15 MT (metric tonne).
In the coming months, the company is planning to expand the new manufacturing facility by installing processing units for pouch milk, flavored milk, pouch butter milk, cup curd, misthi dahi as well as expand the existing yoghurt facility.
On a consolidated basis, net profit of Parag Milk Foods reported to Rs 25.48 crore in Q3 December 2017 as against net loss of Rs 41.08 crore in Q3 December 2016. Net sales rose 16.41% to Rs 519.28 crore in Q3 December 2017 over Q3 December 2016.
Parag Milk Foods is the largest private dairy FMCG company with a pan-India presence.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
