Prabhat Dairy partners with Vodafone m-Pesa to bring digitization in villages of Ahmednagar

Prabhat Dairy Limited (listed in BSE / NSE)has partnered with Vodafone to make payments to dairy farmers in the district of Ahmednagar.

Prabhat Dairy Limited (listed in BSE / NSE)has partnered with Vodafone to make payments to Dairy Farmers in the District of Ahmednagar. The objective was to allow rural population to easily access digital payment service thus considerably reducing their time, energy & money.

Prabhat partners with more than 85000 farmers through its more than 500 Milk collection centers and collects 9 lakh liters of milk daily. The company used to deposit the amount in farmers banks accounts for the milk provided by them within 10 days.

The farmers generally have to travel for 10 – 15 kms to withdraw their money from the bank or for making utility payments etc.

According to Mr. Vivek Nirmal, Joint MD, Prabhat Dairy “With our tie up with Vodafone, the farmers don’t have to visit any bank or ATM for money withdrawal. The agent of Vodafone visits Prabhat Collection center on the day of payment disbursal and farmers get cash at the collection center itself. These farmers can also pay their utility bills through this service with the help of the payment center.”

This collection centers are located within the village hence it is easily accessible to the dairy farmers. The farmer receives an SMS from Vodafone with the amount to be collected from the centers. The farmers just need to show the SMS and his identity proof to collect the payment.

As of now it’s been started in 34 villages of Ahmednagar. And major changes can be seen across in the life of Dairy Farmers.

Prabhat Dairy Ltd ended at Rs. 92.45, up by Rs. 0.5 or 0.54% from its previous closing of Rs. 91.95 on the BSE.

The scrip opened at Rs. 91.9 and touched a high and low of Rs. 93.75 and Rs. 90.1 respectively. A total of 20780(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 898.13 crore.

The BSE group ‘B’ stock of face value Rs. 10 touched a 52 week high of Rs. 167.5 on 24-Nov-2015 and a 52 week low of Rs. 72 on 26-Feb-2016. Last one week high and low of the scrip stood at Rs. 98.8 and Rs. 90.35 respectively.

The promoters holding in the company stood at 44.24 % while Institutions and Non-Institutions held 31.6 % and 24.16 % respectively.

The stock traded below its 200 DMA.