Pricol gains after court OKs amalgamation

Pricol rose 1.42% to Rs 117.55 at 14:52 IST on BSE after the company said that the Madras High Court has approved amalgamation between the company and its wholly-owned subsidiary.

The announcement was made after market hours yesterday, 6 October 2016.

Meanwhile, the BSE Sensex was down 56.56 points, or 0.20%, to 28,049.65.

On BSE, so far 1.87 lakh shares were traded in the counter, compared with average daily volume of 3.52 lakh shares in the past one quarter. The stock hit a high of Rs 120.60 and a low of Rs 116.50 so far during the day. The stock hit a record high of Rs 124.40 on 9 September 2016. The stock hit a 52-week low of Rs 29.85 on 9 November 2015. The stock had outperformed the market over the past 30 days till 6 October 2016, rising 3.99% compared with 2.84% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 37.98% as against Sensex's 3.61% rise.

The small-cap company has equity capital of Rs 9.48 crore. Face value per share is Re 1.

Pricol announced that the High Court of Judicature at Madras on 6 October 2016, pronounced the order sanctioning the scheme of amalgamation of Pricol and its wholly-owned subsidiary, Pricol Pune, and their respective creditors and shareholders.

Pricol said it is awaiting the receipt of the certified copy of the order from the High Court of Judicature at Madras. The scheme will come into effect upon filling certified true copy of order with the Registrar of Companies, Coimbatore, Tamilnadu.

Net profit of Pricol rose 1252.44% to Rs 22.18 crore on 41.06% rise in net sales to Rs 306.75 crore in Q1 June 2016 over Q1 June 2015.

Pricol offers oil pumps and auto components for motor vehicles, motor cycles and three wheelers.

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