June 29, 2018
No sooner Manpasand Beverages announced that it has entered a 10-year agreement with Parle for joint distribution of products pan-India, the share price climbed nearly 5 per cent intraday. The stock, which was trading flat during the day, spiked soon after the announcement was made in the wee hours of trade.
We are happy to announce that the Company has entered into a ten year agreement with Parle Products Private Limited for joint distribution of their products, pan-India. As a part of this association, both the companies will jointly distribute their products across 4.5 million outlets and aim to achieve a significant market share in their respective categories,” said company’s spokesman.
Shares of Manpasand Beverages Ltd was last trading in BSE at Rs.142 as compared to the previous close of Rs. 143.25. The total number of shares traded during the day was 704029 in over 9998 trades.
The stock hit an intraday high of Rs. 150.35 and intraday low of 136.1. The net turnover during the day was Rs. 99197999.
Manpasand Beverages further disclosed it doesn’t hold any stake in Parle, nor Parle is related to promoter/Group of companies in any manner.
Manpasand Beverages finally announced its March quarter results for financial year 2017-18, recording strong top-line and bottom-line growth. Manpasand posted a net profit of Rs. 42.74 crore which was higher by a massive 256.46 per cent compared to Rs. 11.99 crore in the preceding quarter. The Q4FY18 profit also surged by 36.42 per cent as against net profit of Rs. 31.33 crore in the corresponding period of the previous year.