scorecardresearchSula Vineyards continues rally after robust Q3 numbers; hits new 52-week high

Sula Vineyards continues rally after robust Q3 numbers; hits new 52-week high

Updated: 17 Jan 2023, 11:11 AM IST
TL;DR.
  • At 9:44 IST, the shares of Sula Vineyards were trading 5.35 percent higher.
Sula Vineyards records new 52-week high on Tuesday

Sula Vineyards records new 52-week high on Tuesday

Shares of Sula Vineyards Ltd recorded a new 52-week high on Tuesday, continuing their upward trend from Monday's trading session.

At 9:44 IST, the shares of the company were trading 5.35 percent higher. The stock hit a high of 394 and low of 380.05.

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On Monday, the shares of the country's largest wine producer soared nearly 10 percent and hit an all-time high after the company posted robust Q3FY23 sales numbers. Monday's gains were the largest the company saw since its listing.

Further, asset management firm, Quant Mutual Fund acquired 1.18% stake or 10 lakh equity shares of the company at an average price of 361.82 apiece on Monday, as per data available on the bourses.

According to an exchange filing, the company witnessed strong growth of 13 percent year-on-year (YoY) in the quarter in its gross billings, led by strong growth in volumes as well as realisations.

Wine tourism grew 13 percent on year, with a 48 percent improvement in the nine-month period for FY23 over the same period for FY22.

"Post business updates, the stock is in action and has attracted a lot of fund interest due to healthy growth seen in realisation in Q3. Long term business dynamic looks growing and we remain optimistic on the future growth," said Prashanth Tapse, Research Analyst, Senior VP Research of Mehta Equities Ltd.

The company's stock price rose 19.9 percent and outperformed its sector by 22.3 percent in the past week.

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First Published: 17 Jan 2023, 10:57 AM IST