Sula Vineyards drops after block deal, co issues clarification

Sula Vineyards dropped 6.75% to Rs 575.70 following multiple block deals in intraday trade today, 19 February 2024.

On the BSE, 18.67 lakh shares of the company traded in the counter as against an average trading volume 93,030 shares in the past three months.

On the NSE, 2.15 crore shares of the company traded in the counter as against an average trading volume 11.36 lakh shares in the past three months.

The stock had a 9% drop in one month, but increased 20% in three months and 47% in one year.

According to media reports, Verlinvest Asia was to sell its entire 8.34% stake in the Nashik-based vine maker.

However, Sula Vineyards responded to this news by informing the stock exchanges that they were unaware of Verlinvest Asia's intention to offload its entire 8.34% stake in the company. Sula Vineyards emphasized that this decision was solely made by Verlinvest Asia as an investment choice and was not discussed with them. Furthermore, Sula Vineyards expressed the belief that this development would not impact the company.

Sula Vineyards reported 9.41% consolidated net profit to 43.32 core in Q3 FY24 as compared with Rs 39.28 crore posted corresponding quarter last year. Revenue from operations stood at Rs 203.04 crore in the quarter ended 31 December 2023, up 6.50% year on year.

Sula Vineyards is principally engaged in the business of manufacture, purchase and sale of premium wine and other alcoholic beverages.

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