On Tuesday’s trading session, the share price of a company engaged in the manufacture and sale of dairy products slumped 10 percent on BSE to Rs. 702, after a foreign institutional investor (FII) sold a 0.77 percent stake worth Rs. 3.2 crore in the company via bulk deal.
With a market capitalisation of Rs. 443.65 crores, at 01:25 p.m., the shares of Milkfood Limited were trading in the red at Rs. 727, down by 6.8 percent, as against its previous closing price of Rs. 779.85.
What’s the news:
According to the 24th June bulk deal data available with the BSE, the foreign investor The Royal Bank Of Scotland PLC As Trustee Of Jupiter India Fund sold 39,729 equity shares worth around Rs. 3.2 crore in Milkfoods, representing a 0.77 percent stake, at an average price of Rs. 804.15.
The latest shareholding pattern shows that Jupiter India Fund held nearly a 6.15 percent stake in the company.
Earlier on 21st June, The Royal Bank Of Scotland PLC As Trustee Of Jupiter India Fund offloaded 85,598 equity shares worth around Rs. 6.08 crore in Milkfoods, at an average price of Rs. 710.65.
Additional news:
The company’s Board on 25th June has considered and approved the payment of Interim Dividend of Rs. 2.5 per equity share during the FY24-25, and has fixed 5th July as the record date.
Further, the Board has also approved the stock split at a 1:2 ratio as well as the proposal of bonus shares in the 1:1 ratio, and the record date will be intimidated in due course.
Financial & Stock Performance:
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.
The stock has delivered positive returns of nearly 28.4 percent in one year, and around 21.2 percent of returns in the last six months.
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.
About the company:
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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