Govt bans milk products from China
Shares of dairy product makers including, Parag Milk Foods, Vadilal Industries and Prabhat Dairy rose on Dalal Street during Wednesday’s trading session.
The ban on imports from the world’s second largest economy has been imposed for one year on milk, milk products and other confectionaries, reported a news agency.
Earlier, the government in 2016 had stretched the ban on import of milk and milk products from China for one additional year until 2017.
In September 2008, India was among the first countries to execute a ban, when melanine, a toxic chemical used for making fertiliser and plastics was apprehended in some milk shipments originating from China.
Stock view :-
Parag Milk Foods Ltd is currently trading at Rs 219.3, up by Rs 1.25 or 0.57% from its previous closing of Rs 218.05 on the BSE.
The scrip opened at Rs 219.85 and has touched a high and low of Rs 227.1 and Rs 218.35 respectively. So far 1687198(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1834.12 crore.
The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 356.7 on 13-Jul-2016 and a 52 week low of Rs 203 on 16-Feb-2017. Last one week high and low of the scrip stood at Rs 230.9 and Rs 215 respectively.
The promoters holding in the company stood at 47.48 % while Institutions and Non-Institutions held 26.65 % and 25.59 % respectively.
The stock is currently trading below its 200 DMA.
Parag Milk Foods Ltd :-
BSE 219.40 1.35 (0.62%)
NSE 219.25 1.35 (0.62%)