Hatsun Agro rises 4% as MD buys stocks worth Rs 25 crore from open market

NEW DELHI – Hatsun Agro Product jumped 3.8 per cent in early trade Wednesday as Chairman and Managing Director Chandramogan RG bought shares of the company worth nearly Rs 25 crore through an open market transaction.

According to the block deal data on NSE, he purchased 2.08 lakh shares at an average price of Rs 1,194 apiece. This took the total deal value to Rs 24.83 crore.

Hatsun’s counter climbed to a high of Rs 1,209 as against Rs 1,165.30 at previous close on the National Stock Exchange.

Chandramogan, a promoter of the company, held 56.76 per cent stake in the firm at the end of December 2021.

Separately, Malabar Value Fund sold shares of the company in two transactions at the same price. Malabar Value Fund is a public shareholder of the company and held 1.90 per cent stake, as per shareholding data for December 2021 quarter.

Hatsun Agro Product manufactures and markets products for cooking and consumption such as milk and curd.

In October-December, Hatsun Agro reported a standalone net profit of Rs 47.84 crore, down 28.9 per cent year-on-year.

On a segmental basis, revenues from the Milk & Milk products segment grew 14.40 per cent to Rs 1,454.02 crore in the third quarter of the current financial year as against Rs 1,270.90 crore the same time a year ago.

Revenues from the ‘Others’ segment rose 5.89 per cent to Rs 130.97 crore in Q3 FY22 as compared to Rs 123.68 crore in Q3 FY21, reports said.