Shares of Hatsun Agro Product rallied over 12 per cent in the morning deals to touch the day's high of Rs 1,094.9 apiece on the BSE.

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Dalal Street showed buying interest in the stock after the dairy company posted strong numbers for the June quarter.

As of 10:36 AM, the stock was trading 8.41 per cent higher at Rs 1,057.95 apiece on the BSE. The stock has rallied for two straight sessions, and the market capitalisation stands at Rs 23,565.65 crore. The scrip closed over 7 per cent higher at Rs 1050.7 apiece.

Hatsun Agro Product Q1FY24 results

The Indian dairy company released its June quarter results on Wednesday, July 19. The company's PAT stood at Rs 80.15 crore compared to Rs 51.95 crore logged a year ago. Hatsun Agro Product reported a revenue of Rs 2,150.63 crore, up 6.8 per cent against Rs 2,014.6 crore registered in the June 2022 quarter. 

Earnings Before Interest, Taxes, Depreciation, and Amortisation, or EBITDA, stood at Rs 237.86 crore, up 33.5 per cent against Rs 178.14 crore year-on-year (YoY). The company's margin was up 230 basis points (bps) at 11.1 per cent. 

The company has also announced an interim dividend of Rs. 6 per equity share and has fixed July 27, 2023, as the Record Date for payment of the interim dividend.

The board has also approved investments in FPEL Daylight and FP Alpha.

What do analysts suggest? 

Zee Business Panellist Vikas Sethi has recommended holding shares of Hatsun Agro Products. According to him, the company has posted strong Q1 results, and there will be action in the stock today.

"Hatsun is an illiquid counter and has a major resistance at 1090 and a breakout above the same will open upside towards 1250, support is at 960," said Nilesh Jain, AVP- Head Technical and Derivatives research,
Centrum Broking Ltd. 

"After making the bottom near 800 levels HATSUN has given huge 300-point rally which comes around 38% approx. Currently, it is trading near the 1050 mark which is near to its resistance levels of 1100. We may see some correction in the said counter since its trading way above its all-major exponential moving averages. Going forward there is possibility of reversion to mean. Fresh longs are not advised as of now," said Jigar S Patel, Senior Manager - Technical Research Analyst, Anand Rathi Shares and Stock Brokers.

Hatsun Agro Product: Past performance 

Hatsun Agro Product shares have gained over 17 per cent in 2023 so far, compared to the Nifty 50's rise of nearly 9 per cent. 

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