Pincon Spirit jumps after hiking prices of IMFL brands

Pincon Spirit rose 5.21% to Rs 76.80 at 12:22 IST on BSE after the company said it increased prices of Indian made foreign liquor brands following revision of excise policy by West Bengal Government.

The announcement was made during trading hours today, 3 November 2016.

Meanwhile, the BSE Sensex was up 34.42 points, or 0.13%, to 27,561.64.

On BSE, so far 4.39 lakh shares were traded in the counter, compared with average daily volume of 1.66 lakh shares in the past one quarter. The stock hit a high of Rs 79.50 and a low of Rs 73.55 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 45.95 on 9 November 2015. The stock had outperformed the market over the past 30 days till 2 November 2016, falling 0.07% compared with the 2.85% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 2.28% as against Sensex's 0.68% decline.

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

Pincon Spirit said it has taken a decision to increase the maximum retail price (MRP) of its Indian Made Foreign Liquor (IMFL) brands. The decision was taken after the West Bengal Government, on 28 October 2016, revised its excise policy, whereby IMFL industry in West Bengal is on for a affirmative operating indication.

The company raised prices of its brands like Pincon No.1 Whisky, Pincon XXX Matured Rum, Pincon Perfect Vodka, Pincon King's Coin Whisky/Rum/Vodka, Highland Blue Whisky, Ultra Force Jamaican Rum and Ruby Gold Gin.

Net profit of Pincon Spirit rose 61.02% to Rs 9.13 crore on 33.95% rise in net sales to Rs 309.28 crore in Q1 June 2016 over Q1 June 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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