PI Ind nearly doubles in three months

The stock was trading at Rs 243 on BSE, rallied 91% in past three months from Rs 127 on August 30.

PI Industries has surged 5% to Rs 243, extending its three-month long rally on the bourses. Shares of the agrochemical maker have nearly doubled from Rs 127 on August 30, on the Bombay Stock Exchange (BSE).

The stock opened at Rs 264 and touched a high of Rs 257 on the BSE on Friday and a combined 547,535 shares changing hands on the counter till 1340 hours, as against an average around 200,000 shares that were traded daily in past two weeks on the BSE and (National Stock Exchange) NSE.

Overseas investors have been accumulating company’s shares from the open market and their total holding has more than doubled in the past one year to 20.01% as on September 30, 2013. PI Industries had increased the FII holding limit in the company to 40% of the paid up capital post the requisite approval of the Reserve Bank of India (RBI).

Meanwhile, the company has surpassed its last fiscal’s net profit in just six months (April-September) of the current financial year 2013-14. PI Industries had posted a profit of Rs 104 crore for H1FY14, on the back of strong operational income. The company had clocked in a net profit of Rs 96 crore in the entire previous fiscal.