Pincon Spirit breaches lower circuit; ties up with Spencer’s Retail

Pincon Spirit breaches lower circuit; ties up with Spencer’s Retail

Resuming trade on Monday following SAT’s stay on SEBI’s order, Pincon Spirit breached lower circuit during early morning trade on the BSE.

Resuming trade on Monday following SAT’s stay on SEBI’s order, Pincon Spirit breached lower circuit during early morning trade on the BSE.

The stock breached its lower circuit at Rs 57.35 per share, down by Rs 14.30 or 19.96%.

Also, the company announced in a BSE filing on Monday that it has entered into a tie-up with 26 retail outlets of Spencer’s Retailfor selling and distribution of its edible oil viz. Pincon Mustard Oil and Pincon Soya Oil.

The stock attracted a traded volume of 51,567 shares and traded value of Rs 29.65 lakh on the NSE.

Last week, the Securities Appellate Tribunal (SAT) had stayed a SEBI’s order to the stock exchanges which led to the suspension of trading in the stock of Pincon Spirits.

Stock view:

Pincon Spirit Ltd is currently trading at Rs 57.35, down by Rs 14.3 or 19.96% from its previous closing of Rs 71.65 on the BSE.

The scrip opened at Rs 57.35 and has touched a high and low of Rs 57.35 and Rs 57.35 respectively. So far 69510(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 315.88 crore.

The BSE group ‘B’ stock of face value Rs 10 has touched a 52 week high of Rs 80.3 on 25-Jan-2017 and a 52 week low of Rs 54.85 on 21-Nov-2016. Last one week high and low of the scrip stood at Rs 0 and Rs 0 respectively.

The promoters holding in the company stood at 32.82 % while Institutions and Non-Institutions held 3.59 % and 63.59 % respectively.

The stock is currently trading above its 200 DMA.

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Pincon can Start Daily Trading in the Securities

Pincon can Start Daily Trading in the Securities

Securities and Exchange Board of India (SEBI) had included Pincon Spirit name in list of Shell Companies. Mr. Arup Thakur, CFO of Pincon Spirit was shocked to hear about such a drastic step taken by SEBI.

What had happened was uncalled for. The Company has Liquor and FMCG Business. With 6 Manufacturing Units in West Bengal, the company has wide market. Pincon Spirit has had a Clean Record with SEBI and has been complying with all regulatory formalities from time to time.

Mr. Thakur had told in an interview that he will be taking urgent steps to mitigate this issue. Very true to his words, he did take immediate action and appealed with THE SECURITIES APPELLATE TRIBUNAL, Mumbai. The hearing was held and decision made on 11th Aug 2017 where the Appellate Tribunal ordered the Reversal of Suspension.

Apparently, it is understood from the order copy of the appeal that SEBI, without conducting any investigation and without hearing the company, solely based on the letter dated 09.06.2017 received from the Ministry of Corporate Affairs (MCA), SEBI passed ex-parte order on 07.08.2017 directing the stock exchanges to treat the company as a ‘suspected shell company’ and suspended the daily trading in the securities.

SEBI prima-facia agreed that the company’s records and turnover for the past three years are correct.

It was decided that SEBI will direct the stock exchanges to reverse their decision in respect of the company (Pincon Spirit) as expeditiously as possible.

Click here to see the order Copy

Pincon Spirit standalone net profit rises 30.56% in the June 2017 quarter – business-standard.com

Pincon Spirit standalone net profit rises 30.56% in the June 2017 quarter – business-standard.com

Sales rise 26.30% to Rs 390.62 crore

Net profit of Pincon Spirit rose 30.56% to Rs 11.92 crore in the quarter ended June 2017 as against Rs 9.13 crore during the previous quarter ended June 2016. Sales rose 26.30% to Rs 390.62 crore in the quarter ended June 2017 as against Rs 309.28 crore during the previous quarter ended June 2016.ParticularsQuarter EndedJun. 2017Jun. 2016% Var.Sales390.62309.28 26 OPM %6.726.68 PBDT18.7014.23 31 PBT17.7413.80 29 NP11.929.13 31

 

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Focussing on mid-level & affordable segment liquor brands: Pincon Spirit – moneycontrol.com

Focussing on mid-level & affordable segment liquor brands: Pincon Spirit – moneycontrol.com

In an interview to CNBC-TV18, Arup Thakur, CFO of Pincon Spirit spoke about the results and his outlook for the company.

 

In an interview to CNBC-TV18, Arup Thakur, CFO of Pincon Spirit spoke about the results and his outlook for the company.

He said that liquor segment growth is around 35 percent and fast moving consumer goods (FMCG) growth maintained at 4-5 percent in Q1.

Pincon is focussing on mid-level and affordable segment of liquor brands, said Thakur.

Watch accompanying video for more details.

 

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