HMA Agro shares jump 9% at open; board to meet to consider stock split

Shares of HMA Agro Industries Ltd surged about 9 per cent during the early trading session on Thursday as the company announced its board meeting on November 8, 2023, Wednesday, to consider and approve results for the September 2023 quarter and stock splits of its equity shares.

The company board of HMA Agro will meet on November 8 to consider the financial results for the quarter and half year ended on September 30, 2023, it said in the exchange filing on Wednesday.

"The company board will also consider and approve the proposal to subdivide/split off the equity shares of the company in such manner as may be determined by the board of directors and subject to approval of the shareholders and such authorities as may be required," it added.

Following the announcement, shares of HMA Agro jumped about 9 per cent on Thursday, commanding a total market capitalization of more than Rs 3,500 crore. However, the scrip gave up its gains as the session progressed. It had settled at Rs 682.05 in the previous trading session.

HMA Agro Industries is India's largest exporter of frozen buffalo meat products. The stock was listed at the bourses in early July 2023, when the company raised a total of Rs 480 crore via IPO but offering its shares for Rs 585 apiece. The stock is currently 26 per cent up from the issue price.

HMA Agro Industries, which was incorporated in 2008, is a food trade organisation for handled food and agro products including frozen fresh deglanded buffalo meat, prepared/frozen natural products, vegetables, and cereals in India. It is one of the largest exporters of frozen buffalo meat products, exported to over 40 countries all over the globe.

Also read: Smallcap selloff intensified! Shares that entered correction phase

Also read: Adani Power, AEL, Adani Green: Adani Group shares crash 8% over auditor issue