Globus Spirits surged 11.63% to Rs 96.85 at 10:44 IST on BSE after board of directors approved for incorporation of a wholly owned subsidiary of the company in Singapore.
The company made the announcement before market hours today, 30 December 2013.
Meanwhile, the S&P BSE Sensex was down 16.46 points or 0.08% at 21,177.12
The stock surged on high volumes. On BSE, so far 5.97 lakh shares were traded in the counter as against average daily volume of 27,111 shares over the past one quarter.
The stock hit a high of Rs 99.70 and a low of Rs 91 so far during the day. The stock had hit a 52-week high of Rs 150 on 1 January 2013. The stock had hit a 52-week low of Rs 66 on 7 August 2013.
The stock had underperformed the market over the past one month till 27 December 2013, falling 0.4% compared with the Sensex's 3.79% rise. The scrip, however, outperformed the market in past one quarter, rising 9.25% as against Sensex's 7.43% rise.
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The small-cap company has equity capital of Rs 23 crore. Face value per share is Rs 10.
Globus Spirits before market hours today, 30 December 2013 said that the company's board of directors approved for incorporation of a wholly owned subsidiary in Singapore vide resolution passed by circulation dated 28 December 2013.
Globus Spirits' net profit declined 89% to Rs 1.17 crore on 8.9% fall in net sales to Rs 119.97 crore in Q2 September 2013 over Q2 September 2012.
Globus Spirits is engaged in manufacturing, marketing and sale of IMIL, Indian Made Foreign Liquor (IMFL), Bulk Alcohol and contract bottling for established IMFL brands.
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