5 Minutes Read
This stock has rallied 47% in eight days adding over ₹1,600 crore to investor wealth
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
One lakh rupees invested in Piccadily Agro Industries Limited, , which makes the Indri brand of single malt whisky, on April 10 is now worth nearly ₹1,50,000. If you had invested ₹1 lakh in the BSE-listed stock a month ago, it would be worth over ₹1,82,000. Piccadily Agro shares have have hit the upper circuit …
One lakh rupees invested in Piccadily Agro Industries Limited, , which makes the Indri brand of single malt whisky, on April 10 is now worth nearly ₹1,50,000.
If you had invested ₹1 lakh in the BSE-listed stock a month ago, it would be worth over ₹1,82,000.
Piccadily Agro shares have have hit the upper circuit of 5% eight trading sessions in a row. The upper circuit is the maximum gains allowed in a stock on any given day. Trading in the stock is suspended once the limit is hit.
The market capitalisation of the Haryana-based Piccadily Agro has gone from about ₹3,500 crore on April 10 to over ₹5,180 crore today, adding over ₹1,600 crore to investor wealth.
The latest rally of 5% in the share price has come after a nearly four-fold increase in annual profit in the financial year ending March 2024.
The company also revealed plans to raise ₹1,000 crore through issue of preference shares or a qualified institutional placement (QIP).
A QIP allows a listed company to raise capital by selling shares to certain qualified without lengthy regulation oversight.
The company’s growth hit the fast lane as the popularity of its two-and-a-half-year old single malt Indri exploded.
Aside from winning international awards, Indri claims to have captured 30% of India’s whisky market as sales grew seven-fold growth in the second year after Indri’s launch in November 2021.
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