PI Industries extends recent rally

PI Industries rose 2.35% to Rs 150.55 at 9:52 IST on BSE, with the stock extending recent gains triggered by the company raising the limit for investment by foreign institutional investors to 40% of its equity from 24% earlier.

Meanwhile, the S&P BSE Sensex was up 29.20 points or 0.15% at 19,949.41.

On BSE, 8,654 shares were traded in the counter as against average daily volume of 9,747 shares in the past one quarter.

The stock hit a high of Rs 154 so far during the day, which is a record high for the counter. The stock hit a low of Rs 147.10 so far during the day. The stock had hit a 52-week low of Rs 95.20 on 30 October 2012.

The stock had outperformed the market over the past one month till 24 September 2013, jumping 14.92% compared with the Sensex's 7.56% surge. The scrip had also outperformed the market in past one quarter, surging 12.2% as against Sensex's 7.44% gain.

The small-cap company has equity capital of Rs 13.61 crore. Face value per share is Re 1.

Shares of PI Industries have rallied 15.94% in eight trading sessions from a recent low of Rs 129.85 on 13 September 2013 after the company during trading hours on 16 September 2013 said it has increased the limit for investment by foreign institutional investors (FIIs) to 40% of its equity from 24% earlier.

PI Industries' net profit jumped 106.9% to Rs 48.54 crore on 69.8% growth in net sales to Rs 405.63 crore in Q1 June 2013 over Q1 June 2012.

PI Industries focuses on Agri-Input and Custom Synthesis. PI Industries currently operates three formulation and two manufacturing facilities as well as four multi-product plants under its three manufacturing locations across Jammu and Gujarat.

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