Shares of this mid-cap stock engaged in the business of dairy products jumped up to 2 percent in Wednesday’s trading session after the company’s Promoter Group member raised its stake in the company by subscribing to equity shares via a Block Deal.
With a market capitalization of Rs 25,152.73 crores, the stocks of Hatsun Agro Product Limited started their trading session on Wednesday at Rs 1,137.40 and currently trade at Rs 1,129.20. The company’s scrip witnessed an intra-day high of Rs 1,139.95 indicating a gain of approximately 2 percent compared to the previous close of Rs 1,120.65 apiece.
Such bullish stock price movements in the bearish stock markets today are witnessed after the company’s Promoter Group member raised its stake in the company by subscribing to equity shares.
According to the Block Deal data available with the National Stock Exchange (NSE), Mr. Chandramogan R G, one of the Promoter Group members of Hatsun Agro Product Limited, bought nearly 1 lakh shares of the company at an average trading price of Rs 1,129.55 per equity share.
On the other hand, Malabar Value Fund – AIF, one of the Foreign Portfolio Investors (FPIs) of the FMCG company, sold the same number of equity shares at the same average trade price. As per the shareholding pattern for the quarter ended December 2023, the FPI held nearly 37.82 lakh equity shares equivalent to a 1.70 percent stake in the company.
During the recent financial quarters, the company’s basic business indicators, including the operating revenues as well as after-tax profits, showed a dip in numbers with the former shifting down from Rs 1,905 crores during Q2FY24 to Rs 1,887 crores during Q3FY24 and the latter, keeping the timeframe the same, dipped from Rs 78 crores to Rs 57 crores.
Hatsun Agro Product Limited is engaged in the business of providing a wide range of dairy products for the areas of consumption and cooking. Its product portfolio includes milk, curd, dairy whitener, ice creams, ghee, paneer, and others. Deriving a majority of revenue from Indian operations, the company makes most of its revenue from milk & milk products.
Written by Amit Madnani
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