Home / Markets / Stock Markets /  FMCG stock zooms over 7% as Board to decide terms of 400 Cr rights issue

With a market valuation of 20,678.99 Cr, Hatsun Agro Product Ltd. is a large-cap business that operates in the FMCG industry. The company produces and sells products including milk, curd, ice creams, dairy whitener, powder skim milk, ghee, paneer, and many more. Arun Icecreams, Arokya Milk, Hatsun Curd, Hatsun Paneer, Hatsun Ghee, Hatsun Dairy Whitener, and Ibaco are among the company's brands. Dairy products are sold to 42 different countries, primarily for the American, Middle Eastern, and South Asian markets.

The company has said in a stock exchange filing that “This is further to the meeting of the board of directors of the Company held on Monday, 19th September, 2022, approving the offer and issuance of fully paid-up equity shares of the Company (the “Equity Shares") for an amount aggregating upto Rs.400 Crores by way of a rights issue, and constituted a rights issue committee in this regard (“Rights Issue Committee"),in accordance with the Companies Act, 2013 and the rules made thereunder, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended and other applicable laws. Pursuant to the above, we wish to inform you that a meeting of the Rights Issue Committee of the Board is scheduled to be held on Saturday, the 3rd December, 2022 to inter-alia consider, discuss and decide the terms and conditions and other related matters in connection with the rights issue of Equity Shares, including the determination of rights issue price, issue size, rights entitlement ratio, record date etc."

The shares of Hatsun Agro Product Ltd closed today on the NSE at 953.00 apiece, up by 7.37% from the previous close of 887.60. The stock recorded a total volume of 1,084,017 shares compared to the 20-Day average volume of 12,454 shares. The stock has increased 47.18% over the past five years while falling 28.08% over the past year. The stock has dropped 24.49% YTD so far in 2022. The stock had touched a 52-week-high of 1,394.00 on (09-December-2021) and a 52-week-low of 837.60 on (17-June-2022), indicating that at current market price the stock is trading at 31.63% below the 1-year high and 13.77% above the 1-year low. At today’s closing price the stock was seen trading above the 5 days, 10 days, and 20 days SMA but below the 50 days, 100 days and 200 days Simple Moving Average (SMA). For the quarter ended September or Q2FY23, the company reported a promoter shareholding of 73.00%, FIIs stake of 4.17%, DIIs stake of 8.15% and a public stake of 14.68%.


Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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