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Whatever happened to the money that was garnered by the sale of the company’s dairy business?
Promoters currently hold 50.10 percent stake in the company, of which 59.88 percent is pledged with the lenders.
The stock has gained over 35 percent in the last three days, and this announcement came in as a topping on the cake resulting in the stock rocketing 20 percent.
At 0939 hrs, Prabhat Dairy was quoting Rs 82.05, up 4.99 percent on the BSE.
As per the company's filing to exchange, promoters already pledged more than 2.02 crore equity shares (representing 20.77 percent of paid-up equity).
Prabhat Dairy jumped close to 3 percent intraday on Friday after the Board at its meeting held on February 13, 2019 considered and approved the Scheme of the Amalgamation and Arrangement.
The current transaction is routed through a subsidiary, so all proceeds (post capital gains tax) would come to the company and it remains to be seen whether it will be shared with shareholders.
The company has entered into definitive agreements with Tirumala Milk Products, a wholly-owned subsidiary of Lactalis, for the Rs 1,700-crore sale, said the statement.
The city-based company already supplies cattle feed under the brand Annapurna to diary farmers.
After the initial sharp cut, Prabhat Dairy managed to recover from day's low of Rs 77, the lowest level since February 2016.
The company is looking to expand the franchisee outlets of Prabhat Goodness Zones in Tier II and III towns of Maharashtra
Net Sales are expected to increase by 10.4 percent Y-o-Y (up 4.2 percent Q-o-Q) to Rs. 425.7 crore, according to ICICI Direct.
Consolidated revenue also rose 7 percent to Rs 386 crore during April-June quarter of the ongoing financial year.
Net Sales are expected to increase by 8.5 percent Y-o-Y (down 3.6 percent Q-o-Q) to Rs. 390.2 crore, according to KR Choksey.
We expect the company's net revenue and PAT to grow by 13.5 percent and 18.6 percent CAGR over FY18-FY20E.
Edelweiss is bullish on Prabhat Dairy recommended buy rating on the stock with a target price of Rs 211 in its research report dated May 18, 2018.
ICICI Direct is bullish on Prabhat Dairy has recommended buy rating on the stock with a target price of Rs 220 in its research report dated May 21, 2018.
"We expect the Nifty to consolidate within a broader range of 10,300–10,600 amid stock specific action as we are going through the Q4 earnings season," says Dharmesh Shah of ICICI Direct.com.
Nirmal said the company will look at inorganic opportunities if available at a right price.
The dairy market has witnessed a growth of 20-23 percent annually and is expected to grow three times by 2020
The Maharashtra-based company had reported a net profit of Rs 8.93 crore in the year-ago period.