Empee Distilleries slips after board withdraws proposed sale of shares in Empee Hotels

Empee Distilleries fell 1.84% to Rs 50.60 at 9:26 IST on BSE after the company said its board has withdrawn the proposal for sale of 1.95 crore shares of 10 rupees each in Empee Hotels.

The announcement was made after market hours yesterday, 26 December 2016.

Meanwhile, the BSE Sensex was up 42.72 points, or 0.17%, to 25,849.82.

On the BSE, so far 1,935 shares were traded in the counter, compared with average daily volumes of 36,729 shares in the past one quarter. The stock had hit a high of Rs 51.25 and a low of Rs 50.60 so far during the day.

The stock hit a 52-week high of Rs 105.65 on 4 January 2016. The stock hit a 52-week low of Rs 44.50 on 22 November 2016. The stock had outperformed the market over the past 30 days till 26 December 2016, falling 0.58% compared with the 1.94% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 27.29% as against Sensex's 8.56% decline.

The small-cap company has equity capital of Rs 19.01 crore. Face value per share is Rs 10.

The board of directors of Empee Distilleries in the meeting held yesterday, 26 December 2016, called off the proposed sale of 1.95 crore equity shares of Rs 10 each held by the company in Empee Hotels, an unlisted entity.

Empee Distilleries reported net loss of Rs 5.92 crore in Q2 September 2016 as against net profit of Rs 4.91 crore in Q2 September 2015. Net sales declined 30.9% to Rs 121.03 crore in Q2 September 2016 over Q2 September 2015.

Empee Distilleries' principal activity is manufacture and sale of Indian made foreign liquor.

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