Pricol jumps after selling entire stake in subsidiary company

Pricol rose 5.01% to Rs 80.70 at 12:38 IST on BSE after the company said it sold its entire stake in its wholly-owned subsidiary, Integral Investments, for Rs 2.78 crore.

The announcement was made after market hours yesterday, 15 June 2016.

Meanwhile, the BSE Sensex was down 356.53 points, or 1.33%, to 26,369.81.

On BSE, so far 6.61 lakh shares were traded in the counter, compared with an average volume of 1.86 crore shares in the past one quarter. The stock hit a high of Rs 83.60 and a low of Rs 77.75 so far during the day. The stock hit a record high of Rs 83.60 on 16 June 2016. The stock hit a 52-week low of Rs 28.55 on 8 September 2015. The stock had outperformed the market over the past one month till 15 June 2016, rising 46.52% compared with 3.70% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 82.76% as against Sensex's 8.30% rise.

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

Integral Investments (IIL) is a non-banking financial company (non-deposit taking) registered with the Reserve Bank of India (RBI). Gross income from operation of IIL for the financial yar ending Mach 2016 was Rs 10 lakh, which constituted 0.01% of the consolidated turnover of Pricol.

None of the buyers of IIL are related parties and do not belong to promoter group companies, Pricol said. Accordingly, IIL is no longer a wholly-owned subsidiary of Pricol.

Pricol reported net profit of Rs 22.07 crore in Q4 March 2016 as against net loss of Rs 2.40 crore in Q4 March 2015. Net sales rose 52.49% to Rs 332.11 crore in Q4 March 2016 over Q4 March 2015.

Pricol makes automotive components for the global markets. It caters to two, three, four wheelers, commercial vehicles, tractors and off highway vehicles. The company has 8 manufacturing units and 7 business offices acrossthe globe including India, Indonesia, USA, Brazil, Germany, Singapore and Japan.

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