Pincon Spirit rose 8.55% to Rs 57.15 at 11:42 IST on BSE after the company said that the West Bengal government lifted ban on liquor outlets in the municipal limits near highways.
Meanwhile, the S&P BSE Sensex was down 248.84 points, or 0.78% to 31,501.98.On the BSE, 1.73 lakh shares were traded in the counter so far, compared with average daily volumes of 1.37 lakh shares in the past one quarter. The stock had hit a high of Rs 57.40 and a low of Rs 53.50 so far during the day. The stock hit a 52-week high of Rs 80.30 on 25 January 2017. The stock hit a 52-week low of Rs 42.15 on 22 August 2017.
The stock had underperformed the market over the past one month till 28 August 2017, falling 24.84% compared with 1.73% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 21.30% as against Sensex's 1.90% rise. The scrip had also underperformed the market in past one year, falling 23.14% as against Sensex's 13.79% rise.
The small-cap company has equity capital of Rs 44.09 crore. Face value per share is Rs 10.
Pincon Spirit announced that Finance Department (Excise Branch), Government of West Bengal has lifted restriction on operation of liquor retail outlets which are situated within municipal limits, even if the sites are within 220 metres / 500 metres from any National / State Highways.
Pincon Spirit said that this notification will have a much positive impact on the liquor business in the state and for the company.
The sales of the liquor companies were impacted due to ban of liquor near highways. The Supreme Court order to ban liquor outlets within 500 metres of national and state highways from 1 April 2017 was first issued on 15 December 2016.
Net profit of Pincon Spirit rose 30.56% to Rs 11.92 crore on 26.30% rise in net sales to Rs 390.62 crore in Q1 June 2017 over Q1 June 2016.
Pincon Spirit is a liquor company. The company is engaged in carrying on the business of blending, bottling and wholesale distribution of Indian made Indian liquor (IMIL).
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