Pioneer Distilleries receives subsidy of Rs 118 crore

Pioneer Distilleries, a subsidiary of United Spirits Limited, received a subsidy worth Rs 118 crore from the Government of Maharashtra.

Jun 27, 2017 12:06 IST India Infoline News Service

Pioneer Distilleries, a subsidiary of United Spirits Limited, received a subsidy worth Rs 118 crore from the Government of Maharashtra. The subsidy was received under Mega Subsidy Phase - II.
 
Post the announcement, the stock hit its 5% upper circuit of Rs 205.25 per share on the BSE during Tuesday’s trading session.
 
Whereas United Spirits on the NSE was trading with gains of 2.2% at Rs 2,298 per share, higher by Rs 48.30 per share.
 
Pioneer Distilleries Limited is engaged in the business of extra neutral alcohol (ENA) and allied products. The company offers potable alcohol and related products. The company’s product portfolio includes Rectified Spirit (RS), Special Denatured Spirit (SDS), Absolute Alcohol (Ethanol) and Carbon-di-Oxide (C02).

Stock view:

Pioneer Distilleries Ltd is currently trading at Rs 205.25, up by Rs 9.75 or 4.99% from its previous closing of Rs 195.5 on the BSE.
 
The scrip opened at Rs 205 and has touched a high and low of Rs 205.25 and Rs 204.8 respectively. So far 10874(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 261.77 crore.
 
The BSE group 'T' stock of face value Rs 10 has touched a 52 week high of Rs 253.9 on 12-Jun-2017 and a 52 week low of Rs 103.5 on 11-Aug-2016. Last one week high and low of the scrip stood at Rs 235 and Rs 195.35 respectively.
 
The promoters holding in the company stood at 75 % while Institutions and Non-Institutions held 0.78 % and 24.22 % respectively.
 
The stock is currently trading above its 200 DMA.

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