Empee Distilleries was locked at 10% upper circuit at Rs 39.95 at 10:29 IST on BSE, with the stock extending Tuesday's 10% rally triggered by the company entering into a manufacturing agreement with United Spirits.
Meanwhile, the S&P BSE Sensex was down 436.84 points or 2.43% at 17,531.24.
On BSE, 11,967 shares were traded in the counter as against average daily volume of 19,150 shares in the past one quarter.
The stock hit a low of Rs 37.95 so far during the day. The stock had hit a 52-week high of Rs 96.25 on 15 November 2012. The stock had hit a record low of Rs 29.80 on 22 August 2013.
The stock had outperformed the market over the past one month till 27 August 2013, declining 0.82% compared with the Sensex's 9.01% fall. The scrip had, however, underperformed the market in past one quarter, sliding 42.76% as against Sensex's 10.3% fall.
The small-cap liquor maker has equity capital of Rs 19 crore. Face value per share is Rs 10.
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Shares of Empee Distilleries have rallied 20.87% in two trading sessions from Rs 33.05 on 26 August 2013, after the company during trading hours on Tuesday, 27 August 2013 said it has entered into an agreement with United Spirits for manufacture of Indian Made Foreign Liquor for distribution in Karnataka. The stock surged by the maximum permissible level of 10% to settle at Rs 36.35 on Tuesday, 27 August 2013.
Empee Distilleries said that the manufacturing will be undertaken at its unit at Kolar District in Karnataka and will improve the top line and bottom line growth of the company. The agreement entered with United Spirits will initially be for a period of three years.
Empee Distilleries' net profit fell 73% to Rs 1.60 crore on 7.7% decline in net sales to Rs 141.04 crore in the quarter ended 30 June 2013 over the quarter ended 30 June 2012.
Empee Distilleries' principal activity is the manufacture and sale of Indian Made Foreign Liquor (IMFL). The products of the company are developed in-house. The product portfolio includes premium whisky, brandy, rum and vodka for the local market. The company has manufacturing plants spread out over the southern states and they have a combined capacity of around one million cases on an average per month. The company also manufactures industrial alcohol and is engaged in the business of power generation. Empee Distilleries is also actively pursuing emerging technologies in the renewable sector.
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