Dairy stocks rises as companies cut milk procurement prices

Dairy product manufacturers surged in trade today on reports that these companies have slashed milk procurement prices by 11% in past two months due to a supply glut.

Oct 04, 2017 12:10 IST India Infoline News Service

Dairy product manufacturers surged in trade today on reports that these companies have slashed milk procurement prices by 11% in the past two months due to a supply glut.

Dairies expect the cut in procurement prices to be a short-term phenomenon and therefore, have not passed the price cut to the consumers, reports added.

Prabhat Dairy Ltd is currently trading at Rs 135, up by Rs 4.9 or 3.77% from its previous closing of Rs 130.1 on the BSE. The scrip opened at Rs 131.9 and has touched a high and low of Rs 135.9 and Rs 131.85 respectively. So far 1.3 lakh (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 50 DMA.

Parag Milk Foods Ltd is currently trading at Rs 255.65, up by Rs 9.65 or 3.92% from its previous closing of Rs 246 on the BSE. The scrip opened at Rs 249 and has touched a high and low of Rs 258.55 and Rs 248.15 respectively. So far 3.8 lakh (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 50 DMA.

Heritage Foods Ltd is currently trading at Rs 1440, up by Rs 26.35 or 1.86% from its previous closing of Rs 1413.65 on the BSE. The scrip opened at Rs 1440.05 and has touched a high and low of Rs 1444 and Rs 1410 respectively. So far 15035 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 50 DMA.

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