Amul, the popular dairy company in India, has increased the prices of its milk by Rs 2 per litre, effective from Monday, June 3. This announcement comes just a day before the country awaits the results of the Lok Sabha elections. In the wake of this news, other milk production companies such as Nestle India, Hatsun Agro Products, Parag Milk Foods, Milkfood Ltd, Dodla Dairy, and Modern Dairies are seeing an increase in their stock prices on the Bombay Stock Exchange (BSE). Amidst all the political uncertainty, it seems like the dairy industry is also experiencing a shift in the financial market.
Amul Hikes Milk Prices, Leading to a Surge in Dairy Stocks
Background:
Amul, India's largest dairy company, has announced a price hike of Rs. 2 per liter for its milk products, effective from June 3, 2019. This increase marks the second price hike by Amul in the past year, following a previous hike of Rs. 2 per liter in December 2018.
Reasons for the Hike:
Amul has attributed the price increase to rising production costs, including higher prices for cattle feed and transportation. The company has also stated that the price hike is necessary to ensure sustainable milk production and maintain product quality.
Impact on the Market:
The announcement of Amul's price hike has led to a surge in stock prices of other milk production companies listed on the Bombay Stock Exchange (BSE). Nestle India, Hatsun Agro Products, Parag Milk Foods, Milkfood Ltd, Dodla Dairy, and Modern Dairies have all seen gains in their share prices. This reflects investors' optimism about the growth potential of the dairy industry amid rising demand for dairy products.
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