Stock Market Today, May 16 -- Small-cap stock below Rs.50, HMA Agro, gained during the intraday trade on Friday, May 16, defying the weak stock market sentiment. The gains followed HMA Agro's announcement regarding the conversion of debt into the equity shares of the company.

HMA Agro Industries informed the stock exchanges about the allotment of equity shares by its subsidiary company during market trading hours on Friday.

As per the release shared by the small-cap company with the exchanges, HMA Agro said one of its subsidiary companies has allotted 30,37,000 equity shares of face value Rs.10/- each at an issue price of Rs.10/- per share, aggregating to Rs.3,03,70,000 by way of conversion of loan into equity. The subsidiary being refe...