Parag Milk gains by over 3% on hike of FII investment limit

RBI has raised the FPI investment limit in Parag Milk Foods to 40% from 24% earlier.

Oct 05, 2017 09:10 IST India Infoline News Service

RBI has raised the FPI investment limit in Parag Milk Foods to 40% from 24% earlier. The stock is currently trading at Rs 261.9, up by Rs 5.5 or 2.15% from its previous closing of Rs 256.4 on the NSE. The scrip opened at Rs 265 and has touched a high and low of Rs 265 and Rs 261.6, respectively. So far 1.43 lakh (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 50 DMA.
 
Dairy product manufacturers have been surging on the bourses 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.
 
Meanwhile, Nifty opened at 9,927 level, up by 13 points while Sensex opened at 31,725 level, up by 54 points. 9,990 is a key resistance level for the Nifty50 index. On the downside, supports are seen at 9,880 and 9,850.

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