?Parag Milk, KMG Milk shares up 4% as gvt bans milk products from China

Shares of Parag Milk Foods and KMG Milk Food gained up to 4 per cent in early trade after media reports that the government has banned milk, milk products and confectionary items from China for one year.

At 11:18 hours IST, Parag Milk Foods was trading 2.18 per cent up at Rs 222.80. The scrip opened at Rs 219.85 and touched a high and low Rs 227.10 and Rs 218.35, respectively, in trade so far. Benchmark BSE Sensex was up over 200 points, or 0.66 per cent, at 31,490. KMG Milk Foods was trading 3.76 per cent up at Rs 26.20. 

For the quarter ended March 31, 2017, Parag Milk Foods reported consolidated net sales of Rs 428.30 crore, up 3.38 per cent, against Rs 414.26 crore in the corresponding quarter last year. Net profit of the company jumped 86 per cent Year-on-Year to Rs 29.96 crore during the quarter under review. It had posted net profit of Rs 16.09 crore in the same quarter last year.

On the other hand, net sales of KMG Milk Foods dipped 88 per cent to Rs 0.35 crore from Rs 3.02 crore during the same quarter. Its net profit also dipped 45 per cent YoY to Rs 0.26 crore in Q4FY17 from Rs 0.48 crore in Q4FY16.