India's Prabhat Dairy is looking to expand its presence across the country as part of a bid to take annual sales to INR20bn (US$307.2m) by 2020.

Shares in the listed Prabhat Dairy rose after the business issued the sales target and outlined plans for national expansion.

In a stock exchange filing, the company said it plans to expand its "national footprint to enter lucrative markets across India". It also wants to broaden its product range.

Prabhat Dairy plans to "expand its presence in the retail category and firm up the scale in [the] institutional business."

Sales in Prabhat Dairy's most recent financial year were INR11.31bn.

The filing, issued on Tuesday (3 October) also said Prabhat Dairy had launched a new corporate logo at a press conference in Mumbai.

Speaking to reporters, Vivek Nirmal, a joint managing director at Prabhat Dairy, said: "Prabhat is a strong brand in a B2B ecosystem for dairy products. As we are planning out to be an equally strong B2C player, we need to be a vibrant brand."

Shares in Prabhat Dairy closed up more than 3% on Tuesday.