INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Shares of Prabhat Dairy on Tuesday gave up gains, but still traded 13 per cent higher in morning session
The Maharashtra-based company has struck a definitive deal to sell its milk-processing business for about Rs 1,700 crore through a slump
After deal, Prabhat will focus on its cattle feed business and expand into allied businesses such as animal nutrition and genetics
The business is sold for 1.1 times sales as value of sale combined is Rs 1,700 crore and revenue generated is Rs 1,529 crore
Following deal, stock surged 20 per cent in early trade, only to surrender some gains
for 29 per cent of sale value
said Sameer Kalra, Equity Research Analyst and Founder at Target Investing
