Pincon Spirit on a high after fund raising plans

Pincon Spirit gained 3.09% to Rs 65.15 at 14:30 IST on BSE after the company said its board of directors will meet on 7 January 2017, to consider issue of equity shares & warrants on preferential basis.

The announcement was made during market hours today, 3 January 2017.

Meanwhile, the BSE Sensex was up 114.73 points, or 0.43%, to 26,710.18.

On the BSE, 1.75 lakh shares were traded in the counter so far, compared with average daily volume of 1.34 lakh shares in the past one quarter. The stock had hit a high of Rs 65.90 and a low of Rs 63.60 so far during the day. The stock had hit a record high of Rs 89.40 on 25 July 2016. The stock had hit a 52-week low of Rs 50 on 12 February 2016.

The stock had underperformed the market over the past one month till 2 January 2017, gaining 1.36% compared with Sensex's 1.39% rise. The scrip had also underperformed the market in past one quarter, falling 12.34% as against Sensex's 4.56% decline.

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

Pincon Spirit's net profit jumped 61.9% to Rs 9.44 crore on 34.6% rise in net sales to Rs 308.90 crore in Q2 September 2016 over Q2 September 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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