On Thursday’s trading session, the share price of a company engaged in the manufacture and sale of dairy products hit a 20 percent upper circuit on BSE to Rs. 678.9, after the company’s Board scheduled a meeting to consider the proposal for bonus issue and stock split.
With a market capitalisation of Rs. 413.8 crores, the shares of Milkfood Limited opened at Rs. 576, up by 1.8 percent, as against its previous closing price of Rs. 565.75.
As per the latest regulatory filings with the BSE, a meeting of the Board of Directors of Milkfood is scheduled to be held on 25th June, that is Tuesday, to consider and approve the following three matters.
First, the proposal for payment of interim dividend on the equity shares of the company, if applicable.
Second, the proposal for Bonus Issue, along with other related matters, if any, subject to such regulatory/statutory approvals as may be required, including the approval of the company’s shareholders.
Finally, the proposal for the sub-division of equity shares of the company having a face value of Rs. 10 each.
In terms of financials, the company reported a rise in the revenue from operations by 5.8 percent QoQ, from Rs. 115 crore in Q3 FY23-24 to Rs. 121.7 crore in Q4 FY23-24, while the after-tax profit grew by 223.3 percent from Rs. 1.2 crore to Rs. 3.88 crore, during the same period.
As per the shareholding pattern of March 2024, the Promoters hold a 47.75 percent stake in the company, Foreign Institutional Investors (FII) hold a 7.28 percent stake, while Retail Investors and Domestic Institutional Investors (DII) hold a 44.92 percent and 0.06 percent stake in Milkfood, respectively.
The stock has delivered positive returns of nearly 20.3 percent in one year, and around 17.7 percent of returns in the last six months.
Milkfood Limited operates in a single segment and is engaged in the manufacture and sales of dairy products, that is, pure ghee, skimmed milk powder, and whole milk powder.
The company has two manufacturing locations, one in the state of Punjab at Patiala and one in the state of Uttar Pradesh (UP) at Moradabad.
Written by Shivani Singh
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