Parag Milk Foods Ltd. shares gained close to 8 percent on June 26 on the back of veteran investor Nikhil Vora upping his stake in the company. At 11 am, the stock was quoting at Rs 130.10 on the NSE.
One of India’s top cheese makers and suppliers to pizza chains like Domino’s, Pizza Hut and Papa John’s is catching investors’ fancy. Sixth Sense Fund’s Nikhil Vora has added more to his stake on Parag Milk, thus powering a healthy 8% rally in the share price.
On June 23, Vora’s Sixth Sense Fund purchased additional 6.8 lakh shares of the company. As of March end, Sixth Sense already had around 45 lakhs of fully paid-up equity shares, amounting to 3.8 percent of the company.
Parag Milk Foods is currently one of the top 5 producers of cheese in the country. The company’s key clients includes Domino’s, Pizza Hut, and Papa John’s. As per the company’s investor presentation, it has a milk processing capacity of 3.4 million litres per day.
Their ghee and cheese categories have expanded by 43.5%, while their most lucrative product, Avvatar, has grown by 123% year on year and has doubled their protein business.
Source : Moneycontrol June 26th 2023