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Hatsun Agro jumps after inking pact for greenfield plant

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Product rose 3.69% to Rs 649.90 at 10:23 on on reports that the company has tied up with a German firm to set up a dairy plant in Tamil Nadu.

Meanwhile, the S&P Sensex was up 224.81 points, or 0.71% to 32,029.63.

On the BSE, 2,568 shares were traded in the counter so far, compared with average daily volumes of 7,280 shares in the past one quarter. The stock had hit a high of Rs 670 and a low of Rs 632 so far during the day. The stock hit a record high of Rs 680 on 28 April 2017. The stock hit a 52-week low of Rs 300 on 14 July 2016.

The stock had outperformed the market over the past one month till 12 July 2017, rising 7.41% compared with 2.25% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 14.13% as against Sensex's 7.95% rise. The scrip had outperformed the market in past one year, rising 84.23% as against Sensex's 14.34% rise.

The mid-cap company has equity capital of Rs 15.22 crore. Face value per share is Re 1.

According to reports, Germany-based GEA Process Engineering has bagged a contract from Product to set up a greenfield dairy plant for it on turnkey basis at Dharapuram near Coimbatore at an investment of Rs 120 crore. The fully automated plant will process 6.5 lakh litres milk a day to pack 3 lakh litres of liquid milk and 1.5 lakh litres of curd. It will be in production in early 2018. The plant will be equipped with a Reverse Osmosis facility, a novel feature, to concentrate skim milk, a cold process to ensure natural freshness of the products.

Product reported net profit of Rs 43.30 crore in Q4 March 2017 as against net loss of Rs 16.79 crore in Q4 March 2016. Net sales rose 36.2% to Rs 1214.68 crore in Q4 March 2017 over Q4 March 2016.

Hatsun Agro Product manufactures and markets dairy products like milk, curd, ice creams, dairy whitener, skimmed milk powder, ghee, paneer, etc.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 13 2017. 10:22 IST