 "Manpasand Beverages hits new high since listing")
Shares of fruits drink company Manpasand Beverages has rallied 12% to Rs 494 on the BSE on back of heavy volumes.
The stock hit an intra-day high of Rs 497, its highest level since listing on July 9 this year. It appreciated 52% against its issue price of Rs 320 per share. The Gujarat-based firm had raised around Rs 400 crore in an initial public offering (IPO).
The trading volumes on the counter jumped multiple-fold with a combined 85,703 shares changed hands on the BSE and NSE till 03:03 p.m.
Since December 3, the stock rallied nearly 20% from Rs 410 after the company said it is debt free company.
The company as per the object clause of IPO, has repaid, in full, its entire secured loan facilities to its bank as a result, the company is debt free company. Due to repayment of entire debts by the company, CRISIL Rating on loan is not required to the company, Manpasand Beverages said in a BSE filing.
Manpasand has recently entered into a tie up with ice cream & food retailing major Havmor Ice Cream Ltd and is exploring many more such tie-ups to so as to increase our urban market penetration, Dhirendra Singh, Chairman & MD of Manpasand Beverages said while announcing September quarter results.
The company had reported a net profit of Rs 4.38 crore for the second quarter ended September 30, 2015 a 392.13% jump over Q2 in previous fiscal.
The stock hit an intra-day high of Rs 497, its highest level since listing on July 9 this year. It appreciated 52% against its issue price of Rs 320 per share. The Gujarat-based firm had raised around Rs 400 crore in an initial public offering (IPO).
The trading volumes on the counter jumped multiple-fold with a combined 85,703 shares changed hands on the BSE and NSE till 03:03 p.m.
Since December 3, the stock rallied nearly 20% from Rs 410 after the company said it is debt free company.
The company as per the object clause of IPO, has repaid, in full, its entire secured loan facilities to its bank as a result, the company is debt free company. Due to repayment of entire debts by the company, CRISIL Rating on loan is not required to the company, Manpasand Beverages said in a BSE filing.
Manpasand has recently entered into a tie up with ice cream & food retailing major Havmor Ice Cream Ltd and is exploring many more such tie-ups to so as to increase our urban market penetration, Dhirendra Singh, Chairman & MD of Manpasand Beverages said while announcing September quarter results.
The company had reported a net profit of Rs 4.38 crore for the second quarter ended September 30, 2015 a 392.13% jump over Q2 in previous fiscal.
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