Shares of Sula Vineyards experienced a significant increase of over 13% in Monday’s trading, reaching its highest intraday rise since listing. This was due to the latest shareholding pattern showing that notable investor Mukul Agarwal acquired a 1.9% stake in the company during the December quarter.
Mukul Agarwal currently holds around 16,00,000 shares in the company, equating to about 1.9% equity. The stock was last trading at Rs 365.20 per share on BSE, and saw a rise of 13.13% to reach a high of Rs 368.20 compared to its previous close of Rs 325.45.
On December 22, the company had a subdued debut on the exchanges, opening at Rs 361 on NSE in comparison to the issue price of Rs 357. Sula Vineyards, India’s largest wine producer, raised approximately Rs 960 crore through its initial public offer which was 2.33 times oversubscribed.
Sula released its third-quarter sales update on Friday, showing its highest-ever quarterly sales performance. This includes gross billings overall from both its own brands and the wine tourism business.
The company’s own brands gross billings saw a year-on-year increase of 13% in Q3, driven by strong growth in volumes. Gross billing refers to the billed value to customers before adjustments for selling and expenses.
Additionally, wine tourism has seen a growth of 13% compared to the same period last year, the company reported.
“With our new 2.5 million litre cellar up and running in time for the 2023 grape harvest, which is looking excellent in terms of quality and quantity, we are poised to continue our growth story and leadership in the wine industry,” said Rajeev Samant, CEO of Sula Vineyards.
Sula Vineyard is a prominent player in India’s wine industry, distributing wines under its popular brands such as Sula, Rasa, and Dindori among others. The company is a pioneer in wine tourism in India and currently receives around 3 lakh visitors annually at its Nasik estate.
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