Pincon Spirit hardens as board approves fund raising proposal

Pincon Spirit rose 1.63% to Rs 65.30 at 10:10 IST on BSE after the company announced that its board of directors has approved a proposal to raise funds through issue of equity share warrants on preferential basis.

The announcement was made after market hours yesterday, 11 April 2017.

Meanwhile, the S&P BSE Sensex was down 183.37 points, or 0.62%, to 29,604.48. The S&P BSE Small-Cap index was down 191.19 points, or 1.28%, to 14,733.68.

On BSE, so far 71,000 shares were traded in the counter, compared with average daily volume of 1.42 lakh shares in the past one quarter. The stock hit a high of Rs 66.05 and a low of Rs 64.60 so far during the day. The stock hit a record high of Rs 89.40 on 25 July 2016. The stock hit a 52-week low of Rs 54.85 on 21 November 2016.

The stock had underperformed the market over the past one month till 11 April 2017, falling 1.31% compared with 2.91% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 9.63% as against Sensex's 9.76% rise.

The small-cap liquor maker has equity capital of Rs 44.09 crore. Face value per share is Rs 10.

Pincon Spirit announced that its board of directors at a meeting held yesterday, 11 April 2017, approved a proposal to raise funds through issue of up to 57.06 lakh equity share warrants on preferential basis to Monoranjan Roy, Aptex Enterprises, K.D. Liquor & Fertilizer, Majestic Bottlers, Priya Purnima Credits, Westwell Iron & Steel, Maa Tarini Natural Resources, Sudarshan Commtrade, Ecospace Infotech and Pincers Commodities.

Net profit of Pincon Spirit rose 51.62% to Rs 9.34 crore on 31.38% rise in net sales to Rs 311.90 crore in Q3 December 2016 over Q3 December 2015.

Pincon Spirit is a liquor company. The company is engaged in carrying on the business of blending, bottling and wholesale distribution of Indian made foreign liquor (IMFL) and Indian made Indian liquor (IMIL). In the FMCG space, the company is engaged in the manufacture of edible oils.

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