Shares of dairy major Hatsun Agro Products surged 14 per cent in the last four days after leading mutual fund houses acquired stakes in the company on September 6 from open market. SBI Mutual Fund increased stake in Hatsun Agro Product Ltd. The mutual fund arm of State Bank of India (SBI) purchased 15,20,000 shares from open market on September 6, 2022. The shares were bought at Rs 987.80 per unit which implies SBI Mutual Fund pumped Rs 1,50,14,56,000 or around Rs 150 crore into the agro stock. Sundaram Mutual Fund also purchased 12 lakh shares of the company investing around Rs 118 crore in the company.
On the other hand, the promoter of the company Raja Ganesan Chandramogan trimmed his stake (1.3 per cent) via these two deals in the company. As per shareholding data on the BSE, SBI Mutual Fund and promoter Chandramogan held 4.9 per cent and 56 per cent in the company, respectively, as at the end of the April-June quarter.
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“We wish to inform you that SBI Mutual Fund under its various schemes has acquired 15,20,000 Shares of your Company resulting to acquisition of above 5 per cent of the paid up share capital of your Company. Pursuant to Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011, please find enclosed report detailing our holding in your Company. The holding of SBI Mutual Fund, under its various schemes, as at close of business hours on September 06, 2022 was 1,21, 11,562 shares, which is 5.6186 per cent of paid up share capital of your Company,” SBI Mutual Fund informed the company, which is available in its exchange filing.
Buoyed by the development, shares of the firm have risen 14 per cent in the last four trading sessions. The stock gained 8.04 per cent to Rs 1,130 today on BSE. It opened with a gain of 2.21 per cent at Rs 1,045.90 today. However, the stock has lost 8.36 per cent in a year and fallen 11 per cent in 2022. In a week, the stock has climbed 11.9 per cent.
Market capitalisation (m-cap) of Hatsun Agro Product rose to Rs 24,309 crore on BSE. A total of 9,411 shares of the firm changed hands amounting to a turnover of Rs 1.04 crore on BSE. The share hit a 52-week high of Rs 1,533.65 on October 18, 2021 and a 52-week low of Rs 806.10 on June 17, 2022.
Hatsun Agro Product is engaged in the business of processing and marketing milk, milk products and ice cream. The company’s segments include milk and 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.