DIC India on 20% UC

DIC India, formerly known as Coates of India, which makes printing ink, rose 20% today at Rs.543.70, hitting the UC. Volumes were huge at some 51 times. And to think that it has ended last week, 9th June by hitting a new low at Rs.432.65. A gain of 26% within three trading sessions.

The company announced yesterday after market hours that it plans to initiate the process to sell its land at Chandivali Farm, Off Saki Vihar Road, Mumbai.

This is prime land and the company shut down operations at this location long time ago as it now falls under residential area. This land measures some 7-8 acres and its worth today would be nothing less than Rs.600-700 crore. Once this money comes in, the cash flow of the company will get a great boost.

The company ended first quarter ended 31st March 2017 ( year ending on 31st Dec) with a loss of Rs.73 lakh though its equity remains pretty small at Rs.9.18 crore.