Premier surges on receiving Rs 83.51 crore compensation from DFCC

22 Jun 2017

Premier is currently trading at Rs. 38.90, up by 3.15 points or 8.81% from its previous closing of Rs. 35.75 on the BSE.

The scrip opened at Rs. 38.00 and has touched a high and low of Rs. 41.40 and Rs. 38.00 respectively. So far 1,30,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 42.40 on 20-Jan-2017 and a 52 week low of Rs. 27.60 on 19-Sep-2016.

Last one week high and low of the scrip stood at Rs. 41.40 and Rs. 30.00 respectively. The current market cap of the company is Rs. 118.15 crore.

The promoters holding in the company stood at 44.95%, while Institutions and Non-Institutions held 6.65% and 48.40% respectively.

Premier has received compensation of Rs 83.51 crore (net) from DFCC (a subsidiary of the Indian Railways) for compulsorily acquiring a part of the company's land. Of this, Rs 62.5 crore has been utilized to repay term debt, all public fixed deposits and other high cost debts. The balance has been used in operations of the company.

Premier is engaged in the manufacture of automobiles and machine tools. The company has manufactured the widest range of commercial vehicles, which includes Premier Padmini -- one of the popular cars in India.


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