Shares of HMA Agro Surged 10% Intraday; Here’s Why

On Wednesday, shares of HMA Agro Industries Ltd surged 10 per cent upper circuit to Rs 71.90 per share from its previous closing of Rs 65.37. The shares of the company saw a high volume on BSE.

Earlier, HMA Agro Industries Ltd. partnered with Maharashtra Food Processing & Cold Storage to expand its processing and packing abilities for frozen halal boneless meat.

The company lowered their share price through dividends and a stock split from a face value of Rs 10 to Rs 1, to increase investor accessibility.

According to the standalone Quarterly Results, the net sales increased by 61 per cent to Rs 1,180 crore and the net profit increased by 15 per cent to Rs 38 crore in Q2FY24 compared to Q2FY23.

HMA Agro raised Rs 480 crore from its IPO in June this year. The company offered its shares for Rs 585 apiece and was listed on July 4, 2023.

Agra-based HMA Agro Industries is a food trade organisation for handled food and agro products including frozen fresh degraded buffalo meat, prepared/frozen natural products, vegetables, and cereals in India. Incorporated in 2008, HMA Agro is among the largest exporters of frozen meat products from India, which exports to more than 40 countries across the globe.

The stock's 52-week high is Rs 84 and its 52-week low is Rs 56.48.