Oricon Enterprises gains as board approves sale of subsidiary

Oricon Enterprises rose 1.21% to Rs 58.50 at 11:34 IST on BSE after the company's board approved sale of its subsidiary Shinrai Auto Services to Madhuban Motors for a consideration of Rs 28.35 crore.

The announcement was made after market hours yesterday, 23 August 2017.

Meanwhile, the S&P BSE Sensex was up 28.84 points, or 0.09%, to 31,596.85. The S&P BSE Small-Cap index was up 62.85 points, or 0.4%, to 15,638.36

On BSE, so far 1.11 lakh shares were traded in the counter as compared with an average daily volume of 1.12 lakh shares over the past one quarter. The stock hit a high of Rs 60.35 and a low of Rs 58.30 so far during the day. The stock had hit a 52-week high of Rs 64.35 on 8 August 2017. The stock had hit a 52-week low of Rs 41.15 on 21 November 2016.

The stock had underperformed the market over the past one month till 23 August 2017, falling 6.77% compared with 1.44% decline in the Sensex. The scrip had also underperformed the market in past one quarter, rising 0.61% as against Sensex's 3.96% rise. The scrip had also underperformed the market in past one year, sliding 3.51% as against Sensex's 12.78% rise.

The small-cap company has an equity capital of Rs 31.41 crore. Face value per share is Rs 2.

Oricon Enterprises' board has accorded its approval to the sale and transfer of its subsidiary, Shinrai Auto Services of its Toyota dealership business to Madhuban Motors as a going concern on a slump sale basis for a total consideration of Rs 28.35 crore. The board has accorded its approval to the draft slump sale agreement to give effect to the sale and transfer of Toyota dealership business of the company to Madhuban Motors as a going concern on a slump sale basis.

On a consolidated basis, Oricon Enterprises reported net profit of Rs 12.16 crore in Q1 June 2017 as compared with net loss of Rs 2.30 crore in Q1 June 2016. Net sales rose 19.96% to Rs 325.53 crore in Q4 March 2017 over Q4 March 2016.

Oricon Enterprises, the flagship company of Parijat Enterprises has interests in real estate, marine logistics, packaging, petrochemicals and automobile dealership.

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