The shares of this company engaged in the export of leather, jute, handicraft, liquor, alcohol and trades in commodities hit a 5 percent upper circuit after plans to acquire a 100 percent stake in Solkit Distillery & Brewery Private Limited for Rs 13 crore.
Stock Movement
With a market capitalization of Rs 188.09 crore, Agribio Spirits Ltd hit a 5 percent upper circuit at Rs 182.45 per share on Thursday as compared to its previous closing price of Rs 173.80 per share. This marks the creation of a fresh 52-week high.
What Happened
Agribio Spirits Ltd has entered into a Share Purchase Agreement (SPA) for acquiring 5 lakh equity shares or a 100 percent stake in Solkit Distillery & Brewery Private Limited for a cash consideration of Rs 13 crore. The sellers include Soli llavia (Seller 1), Anosh llavia (Seller 11), Arash llavia (Seller 111), Solkit Cosmetics (Seller IV) and Crystal llavia (Seller V).
SDBPL operates a bottling business for Country Liquor (CL), Rajasthan Made Liquor (RML), and India Made Foreign Liquor (IMFL) with a capacity of 1,45,000 cases per month. On the completion of the transaction, SDBDL will become a wholly-owned subsidiary of Agribio Spirits Ltd.
Company Overview
Agribio Spirits Ltd, also known as Beekay Niryat Limited, was established in West Bengal in 1975. The company primarily engages in the export of leather, jute, and handicrafts, along with commodity trading. Additionally, it supplies rice to major distilleries across North India.
Financial Performance
When looking at the financial statements of the company, Agribio Spirits Ltd reported a 105 percent growth in revenue from Rs 3.78 crore to Rs 7.8 crore during Q3 FY24-25. This was accompanied by a 234 percent increase in net profits from Rs 35 lakhs to Rs 1.17 crore during the same period.
Written by Shwetha Sairam
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.
