Pricol hits lifetime high on entire stake sale in arm


Pricol hits lifetime high after entire stake sale in arm

  Pricol has rallied to its lifetime high of Rs 83.60, up 9% on the BSE in intra-day trade in a weak market, after the company said it sold its entire stake in its wholly-owned subsidiary - Integral Investments - for Rs 2.78 crore.

"Integral Investments (IIL) is a non-banking financial company (non-deposit taking) registered with the Reserve Bank of India (RBI). None of the buyers of IIL are related parties and do not belong to promoter group companies. Accordingly, IIL is no longer a wholly-owned subsidiary of Pricol," the company said in a BSE filing.

In past three-weeks, the stock has appreciated 61% from Rs 51.95 on May 26, after the company reported net profit of Rs 22 crore for the quarter ended March 2016  against loss of Rs 2 crore in a year ago quarter. The S&P BSE Sensex was up 0.32% during the same period.

At 01:31 PM, the stock was up 6% at Rs 82 as compared to 1% decline in the benchmark index. A combined 4.03 million shares changed hands on the counter on the BSE and NSE so far.