Pioneer Distilleries cracks 5%; to close down Nanded unit

The company informed BSE that it will close down its plant in Nanded, Maharashtra due to water scarcity.

Pioneer Distilleries Ltd plunged 5% to Rs.116.40 after an arm of United Spirits, said it will close down its plant in Nanded, Maharashtra due to water scarcity. Manufacturing activities at its Balapur, Nanded unit producing Molasses Based Extra Neutral Alcohol (MENA) has been stopped from 1 February on account of shortage in water availability due to less rains during monsoon season in the region, the company informed BSE.

The scrip opened at Rs. 116.4 and has touched a high and low of Rs. 116.4 and Rs. 116.4 respectively. So far 2965(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 164.03 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 385 on 05-Jan-2016 and a 52 week low of Rs. 66.1 on 12-Jun-2015. Last one week high and low of the scrip stood at Rs. 150 and Rs. 118 respectively.

The promoters holding in the company stood at 75 % while Institutions and Non-Institutions held 0.75 % and 24.25 % respectively.

The stock is currently trading above its 50 DMA.