Pioneer Distilleries hit 5% lower circuit at Rs 116.40 at 11:15 IST on BSE after the company announced that the manufacturing activities of the plant at Balapur, Maharashtra, have been stopped due to water problems.
The announcement was made after market hours yesterday, 3 March 2016.Meanwhile, the S&P BSE Sensex was up 18.15 points or 0.07% at 24,625.14.
On BSE, 1,035 shares were traded in the counter as against an average daily volume of 15,006 shares in the past one quarter. The stock was locked at a low of Rs 116.40, so far during the day. The stock hit a record high of Rs 385 on 5 January 2016. The stock hit a 52-week low of Rs 66.10 on 12 June 2015. The stock had underperformed the market over the past one month till 3 March 2016, dropping 45.51% compared with the Sensex's 1.58% rise. The stock also underperformed the market in past one quarter, falling 39.77% as against 4.94% fall in the Sensex.
The small-cap liquor maker has an equity capital of Rs 13.39 crore. Face value per share is Rs 10.
Pioneer Distilleries announced that the manufacturing activities of the 100 kilo liters per day (klpd) molasses based extra neutral alcohol (MENA) plant at the factory of the company located at Balapur (V), Dharmaba taluka, Nanded district, Maharashtra, have been stopped with effect from 1 February 2016 on account of shortage in water availability due to less rains during monsoon season in the region. The company had explored various options of procuring water from various other sources for operating the MENA plant which have not been fruitful. The unit contributed 46% to the company's revenue during the year ended 31 March 2015 (FY 2015).
Pioneer Distilleries reported net profit of Rs 14.14 crore in Q3 December 2015 compared with net loss of Rs 1.59 crore in Q3 December 2014. Net sales rose 21.7% to Rs 49.44 crore in Q3 December 2015 over Q3 December 2014.
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Pioneer Distilleries is a a liquor producing company.
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