Premier spurts on inking three years pact with FIAT India

17 May 2012

Premier is currently trading at Rs 68.60, up by 1.90 points or 2.85% from its previous closing of Rs 66.70 on the BSE.

The scrip opened at Rs 66.15 and has touched a high and low of Rs 69.50 and Rs 66.15 respectively. So far 3451 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 107.00 on 08-Jun-2011 and a 52 week low of Rs 59.05 on 02-Jan-2012.

Last one week high and low of the scrip stood at Rs 69.50 and Rs 65.50 respectively. The current market cap of the company is Rs 207.60 crore.

The promoters holding in the company stood at 43.73% while Institutions and Non-Institutions held 6.82% and 49.45% respectively.

Premier (formerly Premier Automobiles) has signed three year pact with FIAT India Automobiles for supply of FIAT’s 1.3-litre multi-jet diesel engine to be used in Premier’s compact SUV Rio.

Fiat will initially supply 28,000 engines to Premier during the agreement period. This volume may rise further with increased demand for the Rio. The engines will be made at FIAT’s Ranjangaon plant and supplied to Premier’s factory at Chinchwad in Pune, about 60 kilometers away, enabling daily, just-in-time deliveries.

Currently, most of the Premier Rio supply is to Tier II and Tier III cities, although there is a strong demand in metros as well. With this engine, the Premier Rio will now be BS IV complaint thereby expanding its diesel offering to 14 cities like Mumbai, Delhi, Bangalore, Ahmedabad, Pune etc.

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