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Radico Khaitan hits 52-week high; rises 21% in four days

Capital Market 

Radico Khaitan surged 4.58% to Rs 463.75, rising for fourth consecutive trading session.

The counter jumped 21% in four trading days from its recent closing low of Rs 383.10 on 10 September 2020. The stock hit a 52-week high of Rs 467 in intraday today. The counter is up 110% from its 52-week low of Rs 220 hit on 25 March 2020.

The stock was in demand after the liquor maker on Tuesday (15 September) informed that its promoter, Sapphire Intrex, has fully repaid all the loans against pledged shares of the company. All the shares held in promoters' account/companies are free from any encumbrance whatsoever, the company said.

Radico Khaitan's promoter, Sapphire Intrex, had pledged 15,02,460 equity shares, or 1.13% of the total equity capital of the company. As on 30 June 2020, Sapphire Intrex held 33.98% stake while the total promoter holding in the company stood at 40.31%.

The liquor maker's consolidated net profit dropped 21% to Rs 44.87 crore on 33.7% decline in net sales to Rs 1,774.65 crore in Q1 June 2020 over Q1 June 2019.

Radico Khaitan produces and distributes branded liquor. The company operates molasses and grain distilleries and produces whiskey, rum, brandy, and vodka.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, September 16 2020. 13:06 IST
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