 "United Breweries hits 52-week low")
United Breweries has fallen to its 52-week low of Rs 722, down 3% on the BSE. In past four trading sessions, the shares of breweries & distilleries company dipped 9% after the company reported a lower than expected for the fourth quarter ended March 31, 2016 (Q4FY16). It posted net profit of Rs 51 crore in Q4FY16 against an average analyst’s estimate of Rs 69 crore.
The company had profit of Rs 48 crore in Q4FY15 and Rs 72 crore in Q3FY16.
Total income from operations grew 11% to Rs 1,291 crore against Rs 1,162 crore in the corresponding quarter of previous fiscal. Other income rose nearly five-fold to Rs 28 crore from Rs 6 crore in a year ago quarter.
The Bihar government vide its notification dated April 5, 2016 has imposed ban of trade and consumption of foreign liquor in the state of Bihar with immediate effect. However, the state government has allowed production of beer in the state of Bihar for export to outside states. As at March 31, 2016, United Breweries has fixed assets of Rs 258 crore.
At 12:30 pm, the stock was down 2.5% at Rs 728 crore on the BSE. A combined 444,086 shares changed hands on the counter on the BSE and NSE.
Thus far in 2016, United Breweries underperformed the market by falling 24% as compared to 2% decline in the benchmark S&P BSE Sensex.
The company had profit of Rs 48 crore in Q4FY15 and Rs 72 crore in Q3FY16.
Total income from operations grew 11% to Rs 1,291 crore against Rs 1,162 crore in the corresponding quarter of previous fiscal. Other income rose nearly five-fold to Rs 28 crore from Rs 6 crore in a year ago quarter.
The Bihar government vide its notification dated April 5, 2016 has imposed ban of trade and consumption of foreign liquor in the state of Bihar with immediate effect. However, the state government has allowed production of beer in the state of Bihar for export to outside states. As at March 31, 2016, United Breweries has fixed assets of Rs 258 crore.
At 12:30 pm, the stock was down 2.5% at Rs 728 crore on the BSE. A combined 444,086 shares changed hands on the counter on the BSE and NSE.
Thus far in 2016, United Breweries underperformed the market by falling 24% as compared to 2% decline in the benchmark S&P BSE Sensex.
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