Strong June quarter earnings put liquor company IFB Agro on a high

IFB Agro, a small-cap liquor company, outperformed its peers driven by the company's robust earnings for the April-June quarter. The stock rose to a new high of 122.5 intra-day, before ending 10.2% up at 114.4 on the BSE on Monday. The counter attracted substantially higher volumes of nearly 10 times the two-week average. Analysts attributed the sharp gains to the company's strong performance, with profit jumping nearly nine times and sales by a decent 40 % in the past quarter. Naveen Vyas of broking firm Microsec Capital. Vyas feels that the stock is undervalued in terms of market capitalisation to sales ratio which stood at around 0.22. The Kolkata-based company, IFB Agro Industries, produces alcohol at its captive bottling plants.