Mukka Proteins shares rally 4.5% on purchase orders worth ₹50.39 crore

The stock gained 4.52% or ₹1.75 to trade at ₹38.15 on the National Stock Exchange (NSE) at 2:50 pm. Intraday, the company recorded a high of ₹39.15. The animal feed manufacturer had debuted on the NSE on March 7, 2023, at a premium of 42% at ₹40 against the IPO price of ₹28 per equity share.

The purchase order from Ever Light Oil Industrial is worth ₹4.87 crore, while that from Best General Trading FZE is worth ₹45.53 crore.

As of date, the total order book of Mukka Proteins stands at ₹153 crore.

Last month, the company had received a domestic purchase order worth ₹15.25 crore from Avanti Feeds Limited to supply fish oil.

Mukka Proteins is an animal protein company that produces fish meal, fish oil and fish-soluble paste. It also develops alternative proteins like black soldier fly insect meal.

The Mangaluru-based company sells its products to 11 countries, viz. Bahrain, Saudi Arabia, Chile, Malaysia, China, Bangladesh, Philippines, Myanmar, Indonesia, Taiwan and Vietnam.

In Q3 FY23, the company's profit shrank 55.79% to ₹10.47 crore as compared to ₹22.64 in the same period year-ago. However, the revenue from operations rose 28.11% year-on-year to ₹501.65 crore.