Shares of Hatsun Agro Product zoomed 12% today after the firm said its board would meet on December 3, 2022 to decide the terms and conditions of the upcoming rights issue.┬аHatsun Agro Product stock climbed 11.95% intraday to Rs 998 against the previous close of Rs 891.50 on BSE. Hatsun Agro Products shares stand higher than the 5-day and 20-day moving averages but lower than 50-day, 100-day and 200-day moving averages.┬а
“A meeting of the Rights Issue Committee of the Board is scheduled to be held on Saturday, the 3rd December, 2022 to inter-alia consider, discuss and decide the terms and conditions and other related matters in connection with the rights issue of Equity Shares, including the determination of rights issue price, issue size, rights entitlement ratio, record date etc,” said the firm in a communication to the bourses.
The stock has lost 28% in a year and fallen 24.5% in 2022. Total 0.24 lakh shares of the firm changed hands amounting to a turnover of Rs 2.37 crore. Market cap of the firm rose to Rs 20,544 crore on BSE.
Later, the Hatsun Agro Product stock closed 6.90% or Rs 61.55 higher at Rs 953.05 on BSE.
The dairy-product maker reported a 49% fall in standalone net profit for the second quarter ended September 2022 to ┬аRs 42 crore on an increase in raw material costs and unprecedented rainfall. It reported a profit of Rs ┬а82.10 crore in the corresponding quarter of the previous fiscal.┬а
During the quarter under review, revenue from operations climbed 7% by Rs 1,748 crore, while raw material costs rose from Rs 1,148 crore to Rs 1,278 crore, a rise of 11%,┬а
Hatsun Agro Product is an India-based company engaged in the business of processing and marketing milk, milk products and ice cream. The company’s segments include milk & milk products and others. Its others segment primarily consists of cattle feed and ready-to-eat products. It offers products under various brands, such as Arun Icecreams, Arokya, Hatsun, HAP daily, Ibaco, Santosa and Oyalo.┬а
