Shares of Dodla Dairy broke their two-session losing streak on Wednesday as the stock surged up over 7% to hit an intraday high of ₹726.
What Happened: The surge comes as the company on Wednesday announced that its subsidiary Orgafeed Private Limited has commenced manufacturing cattle feed at the new plant at Kuppam, Chittoor District, Andhra Pradesh.
The capacity of the new plant is 12,000 tons per month. With this new plant, the company’s total capacity is now 14,400 tons per month. The company’s Kadapa plant’s capacity is 2,400 tons per month.
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The SBI-backed stock that had had a mute start to the day received a bump as soon as the announcement was made at around 10:10 a.m. The small-cap stock has been on a bull run at the bourses in the past few months. In the past six months, the stock has jumped up close to 50%. SBI Long Term Advantage Fund owns a 9.24% stake in the company.
Price Action: Dodla Dairy’s share price was up 5.76% to trade at ₹717.05 in early trade on Wednesday.
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