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Hatsun Agro Product flourishes as board approves rights issue

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Product rose 1.67% to Rs 887.70 at 9:50 on after the company said that its board of directors approved raising funds for the company by way of rights issue aggregating up to Rs 900 crore.

The announcement was made after market hours yesterday, 6 December 2017.

Meanwhile, the S&P Sensex was up 157.22 points or 0.48% at 32,754.36.

On the BSE, 1,863 shares were traded on the counter so far as against the average daily volumes of 25,099 shares in the past one quarter. The stock had hit a high of Rs 898 and a low of Rs 885 so far during the day. The stock had hit a record high of Rs 970 on 14 November 2017. The stock had hit a 52-week low of Rs 343.55 on 9 December 2016.

The stock had outperformed the market over the past one month till 6 December 2017, gaining 18.83% compared with 3.36% drop in the Sensex. The scrip had also outperformed the market in past one quarter, rising 38.94% as against Sensex's 2.95% rise. The scrip had also outperformed the market in past year, jumping 153.62% as against Sensex's 23.51% rise.

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

Product said that the board of directors has also constituted a rights issue committee and authorised it to decide the terms and conditions of the rights issue including the nature of security, issue size, issue price, timing of the issue, rights entitlement ratio, record date and all other matters related and incidental to the rights issue in consultation with the lead manager to the rights issue.

Product's net profit rose 17.4% to Rs 38.21 crore on 6.5% rise in net sales to Rs 1066.84 crore in Q2 September 2017 over Q2 September 2016.

Product manufactures and markets products that cater to both cooking and consumption, like milk, curd, ice creams, dairy whitener, skimmed milk powder, ghee, paneer and lots more. The company's brands include Arun Icecreams, Arokya Milk, Hatsun Curd, Hatsun Paneer, Hatsun Ghee, Hatsun Dairy Whitener and Ibaco.

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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, December 07 2017. 10:03 IST