Wednesday, 13 September 2017

Dairy stocks surge as Govt approves Dairy Processing & Infrastructure Dev. Fund

Shares of diary sector such as Prabhat Dairy, Parag Milk Foods, Umang Dairies hogged limelight in early trade Wednesday after the Union Cabinet, chaired by PM Narendra Modi, approves the implementation ‘Dairy Processing & Infrastructure Development Fund’ (DIDF). The fund is with an outlay of Rs 10,881 crore for the period 2017-18 to 2028-29 to boost the dairy segment.

The new fund to be managed by the National Dairy Dev Board (NDDB) and the National Dairy Dev Cooperation (NCDC) will be used to give loan for building an efficient milk procurement system and other processing infrastructure. State dairy federations, multi-state milk cooperatives, milk unions, milk producer companies and NDDB subsidiaries can avail of the loan with their eligibility criteria.

The move would advantage 95 lakh farmers and help generate extra milk processing capacity of 124 lakh litres a day and value added products of manufacturing capacity of 59.78 lakh litre per day.

Meanwhile, the stock of the Prabhat Dairy was trading up by 1.4 percent intraday at Rs 133.90 per share. Stocks of the Parag Milk Foods trading higher by 0.60 percent at Rs 252 per share and the stocks of Umang Dairies was trading up by 0.56 percent at Rs 71 per share on BSE at post morning hours.

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