Hatsun Agro Product trades ex-date for 1:3 bonus; stock surges 14%

Shares of Hatsun Agro Product rallied 14 per cent to Rs 889 on the BSE on Wednesday. The stock of the packaged foods company today turned ex-date for bonus issue in the ratio of 1:3 i.e., one new bonus equity share for every three shares held by the shareholders on the record date i.e., December 10, 2020.

In the past month, Hatsun Agro Product has outperformed the market by surging 43 per cent, as compared to 8 per cent rise in the S&P BSE Sensex. It zoomed 216 per cent from its 52-week low price of Rs 281, touched on March 24, 2020.

Meanwhile, the board of directors of the company at their meeting, held on October 19, 2020, approved fund raising through private placement of equity shares through qualified institutional placement, for an amount not exceeding Rs 900 crore.

Hatsun Agro Products is primarily engaged in the business of manufacture and marketing of ice cream and milk and dairy based products. The company sells its products under the brands viz. Arun Icecreams Arokya Milk Hatsun Curd Hatsun Paneer Hatsun Ghee Hatsun Dairy Whitener and IBACO.

For the July-September quarter (Q2FY21), the company had reported strong earnings with profit after tax more-than-doubled at Rs 65.79 crore, against Rs 25.23 crore in Q2FY20. Revenue from operations however grew single digit by 3.75 per cent to Rs 1,327 crore from Rs 1,279 crore in the corresponding quarter of previous fiscal.

At 10:56 am, the stock was trading 8 per cent higher at Rs 842 on the BSE, as compared to 0.65 per cent gain in the S&P BSE Sensex. A combined 242,000 equity shares had changed hands on the counter on the NSE and BSE.