PAE was locked at 20% upper circuit at Rs 16.38 at 13:29 IST on BSE after the company said its board of directors will meet on 30 November 2015, to consider sale of its wholly owned subsidiary PAE Renewables to the prospective buyers.
The announcement was made after market hours on Tuesday, 24 November 2015. The stock market was closed yesterday, 25 November 2015, on account of Gurunanak Jayanti.
Meanwhile, the S&P BSE Sensex was up 156.75 points or 0.61% at 25,932.49.
On BSE, so far 11,000 shares were traded in the counter as against average daily volume of 1,280 shares in the past one quarter.
The stock hit a low of Rs 14 so far during the day. The stock had hit a 52-week high of Rs 22.79 on 13 January 2015. The stock had hit a 52-week low of Rs 9.02 on 3 December 2014.
The stock had underperformed the market over the past one month till 24 November 2015, sliding 9.6% compared with Sensex's 6.17% fall. The scrip had, however, outperformed the market in past one quarter, gaining 0.37% as against Sensex's 0.13% rise.
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The small-cap company has equity capital of Rs 10.42 crore. Face value per share is Rs 10.
PAE said that the prospective buyers for PAE Renewables include the company's promoters.
PAE reported net loss of Rs 3.70 crore in Q2 September 2015, higher than net loss of Rs 1.98 crore in Q2 September 2014. Net sales declined 76.3% to Rs 3.42 crore in Q2 September 2015 over Q2 September 2014.
PAE is in the business of sales and service of lead storage batteries, power backup systems, automotive parts and solar photovoltaic products.
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