Shares of this multibagger brewery stock under the ‘small-cap’ category fell up to 5.50 percent in Monday’s early trades after the company canceled the QIP plans due to a lack of bids received by the company.
With a market capitalization of Rs 2,828.75 crores, the stocks of Som Distilleries & Breweries Limited started their trading session on Monday at Rs 368 and currently trades at Rs 364.95. The company’s scrip witnessed an intra-day low of Rs 348.85 indicating a dip of 5.50 percent as compared to the previous close of Rs 369.10 apiece.
Such bearish sentiments were observed after the company, this morning, gave some key updates on the meeting of the ‘Fund Raising Committee’ pertaining to a Qualified Institutional Placement (QIP) via a filing with the Bombay Stock Exchange.
The filing mentioned that the meeting of the committee, scheduled to be held on 10th October 2023, stands canceled, thus, not moving ahead with the proposed QIP due to a lesser amount of bids received. The company will evaluate the viability of the fundraising at some other suitable time.
Ms. Dolly Khanna, one of the well-known ace investors based in India, has invested in the shares of Som Distilleries & Breweries. She entered the company’s stock in March 2018, and, currently, as per the June 2023 quarter data, she holds approximately 10.15 lakh shares equating to a 1.31 percent stake.
Keeping a purview of just six months, the company’s stock has proven to deliver multibagger returns of 148 percent, i.e., if someone had invested Rs 1 lakh in the company’s stock six months back, it would have converted to Rs 2.48 lakhs.
During the recent financial quarters, the company has been successful in increasing its prime business indicators such as the operating revenues as well as after-tax profits.
The operating revenues rose from Rs 482.37 crores during Q4FY22-23 to Rs 758.63 crores during Q1FY23-24, and, the after-tax profits, during the same period, increased from Rs 15.87 crores to Rs 33.67 crores.
According to the shareholding pattern data available for the June 2023 quarter, the company’s Promoters hold a 34.47 percent stake and the Foreign Institutional Investors (FIIs) hold a 1.08 percent stake in the company.
Som Distilleries & Breweries Limited is a company based in India that is involved in the business of brewing, bottling, canning, and blending alcoholic beverages. Some of the products under its portfolio include beer, vodka, whiskey, etc along with the core brands such as Woodpecker, Black Fort, and many more.
Written by Amit Madnani
Disclaimer
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
