Share price of this small-cap alcohol stock moved up by nearly 4.26% to Rs. 544.95 on BSE in the trading session of Monday, compared to its previous closing price of Rs. 522.65, after disposal of demand notice.
With a market capitalisation of Rs. 4,534.8 crores, the shares of Sula Vineyards Limited closed in the green at Rs. 537.8, up by nearly 2.81%.
In the last one year, the company has delivered positive returns of about 62.8 percent and nearly 12.07 percent of positive returns in the last six months. So far in 2024, it has given positive returns of around 8.4 percent.
According to recent regulatory filings with the stock exchanges, Sula Vineyards Limited has received an order from the Minister for State Excise (Maharashtra).
The Minister for State Excise, Maharashtra, has issued an order dated March 7, 2024, setting aside the demand notice issued on February 17, 2018, for Rs. 116 crore for the period 2006-2014, and the matter is now closed.
In terms of financials, the revenue from operations of Sula Vineyards grew by 51.5 percent QoQ from Rs. 134 crore in Q2 FY23-24 to Rs. 203 crore in Q3 FY23-24, accompanied by an increase in the net profit by 86.95 percent QoQ, from Rs. 23 crore in Q2 FY23-24 to Rs. 43 crore in Q3 FY23-24.
As of December 2023, FIIs hold 19.69 percent of the shares, whereas DIIs hold 19.56 percent of the shares in the company, aggregating to 39.25 percent of the institutional holdings.
Incorporated in 2003, Sula Vineyards Limited is the leading wine producer company in India, with wineries present in Maharashtra and Karnataka.
The company was incorporated as Nashik Vintners Limited and opened India’s first tasting room at a winery in the year 2005.
Written by Shivani Singh
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