Triple Bonanza! Board likely to announce bonus shares, stock split & interim dividend: Stock hit 20 per cent upper circuit!

The shares of the company saw a spurt in volume by more than 44.74 times on BSE.

Milkfood Ltd informed that a meeting of the Board of Directors of the company will be held on Tuesday, June 25, 2024, to inter alia, consider and approve the following matter:

1. The Proposal for payment of interim dividend if any, on the equity shares of the company.
2. The proposal for bonus issue along with other matters, if any, as may be permitted under applicable laws, subject to such regulatory/statutory approvals as may be required, including the approval of the shareholders of the company.
3. The proposal for the stock split of the company’s equity shares having a face value of Rs 10 each and matters related thereto, as may be permitted under applicable laws, subject to such regulatory/statutory approvals as may be required, including the approval of the shareholders of the company.

Today, one of the Top Gainers on BSE, shares of Milkfood Ltd was locked in 20 per cent upper circuit to Rs 678.90 per share from its previous closing of Rs 565.75 per share. The stock’s 52-week high is Rs 684.85 per share and its 52-week low is Rs 490. The shares of the company saw a spurt in volume by more than 44.74 times on BSE.

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Milkfood Ltd, established in 1973, is a dairy product manufacturer part of the Jagatjit Group of Industries. They offer a variety of milk powders (skimmed and full cream), casein (edible and industrial grade), whey powder, dairy creamers, and pure ghee. With production facilities in Patiala and Moradabad, Milkfood Ltd caters to both domestic and international clients. Their products are used in various industries including chocolates, ice cream, coffee whiteners, health supplements, infant food, beverages, cheese, and even knitting needles, cosmetics, and pharmaceuticals. Some of their well-known clients include Aditya Birla Retail, Nestle India, Cadbury India, and Glaxo SmithKline.

The company has a market cap of over Rs 400 crore and positive numbers in its Quarterly Results (Q4FY24) and annual results (FY24). The stock is up by 38.4 per cent from its 52-week low of Rs 490 per share. Investors should keep an eye on this micro-cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.