 "Globus Spirits zooms 28% in two days; Motilal Oswal MF buys stake in co")
Shares of Globus Spirits (GSL) hit a fresh 52-week high of Rs 1,154, as they rallied 8 per cent on the National Stock Exchange (NSE) in Monday’s intra-day trade amid heavy volumes.
In the past two days, the stock of the breweries and distilleries company has zoomed 28 per cent from the level of Rs 900.10 on Thursday, August 29.
In the past two days, the stock of the breweries and distilleries company has zoomed 28 per cent from the level of Rs 900.10 on Thursday, August 29.
On Friday, August 30, Motilal Oswal Mutual Fund (MF) purchased 200,000 equity shares of the company, representing 0.69 per cent of the total equity of Globus Spirits, via block deal on the NSE. The domestic mutual fund bought shares at an average price of Rs 1,071.49 per share, data from the exchange showed.
Motital Oswal MF held nil or below 1% stake in the company, as on June 30, 2024.
Motital Oswal MF held nil or below 1% stake in the company, as on June 30, 2024.
At 10:06 AM, GSL was trading 2 per cent higher at Rs 1,096, as compared to the 0.20 per cent rise in the Nifty 50.
A combined 1.8 million shares of the company had changed hands on the NSE and BSE.
The stock had hit a record high of Rs 1,760 on January 14, 2022.
A combined 1.8 million shares of the company had changed hands on the NSE and BSE.
The stock had hit a record high of Rs 1,760 on January 14, 2022.
GSL is engaged in the manufacturing, marketing and selling of branded Indian-made foreign liquor (IMFL), Indian Made Indian Liquor (IMIL), and bulk alcohol comprising rectified spirit and ENA. The company is also involved in franchisee bottling for renowned brand owners.
GSL operates five modern and fully integrated grain-based distilleries at Behror (Rajasthan), Samalkha (Haryana), Panagarh (West Bengal), Vaishali (Bihar), and Baharagora (Jharkhand), with a combined capacity of around 268 million litres per annum.
GSL operates five modern and fully integrated grain-based distilleries at Behror (Rajasthan), Samalkha (Haryana), Panagarh (West Bengal), Vaishali (Bihar), and Baharagora (Jharkhand), with a combined capacity of around 268 million litres per annum.
In terms of outlook, the company said that ethanol will grow its top line due GSL's recent expansion in West Bengal and Jharkhand. "The government’s initiative of 20 per cent blending of petrol in the country by 2025 has given us an opportunity," GSL said in its FY24 annual report.
GSL has also forayed into the Ready-to-Drink (RTD) segment with the formation of a subsidiary, called Bored Beverages.
That comes on the back of estimates that peg India’s RTD market volume to grow to 65.6 million litres by FY25, from 38.2 million litres in FY20.
The company also recently announced a joint venture (JV) partnership with diversified Caribbean conglomerate ANSA McAL Ltd, with the primary objective of engaging in the manufacturing, sourcing and distribution of beer in India.
However, the initial focus of the JV is on launching the 'Carib' beer brand in the Indian market, GSL said in its FY24 annual report.
That comes on the back of estimates that peg India’s RTD market volume to grow to 65.6 million litres by FY25, from 38.2 million litres in FY20.
The company also recently announced a joint venture (JV) partnership with diversified Caribbean conglomerate ANSA McAL Ltd, with the primary objective of engaging in the manufacturing, sourcing and distribution of beer in India.
However, the initial focus of the JV is on launching the 'Carib' beer brand in the Indian market, GSL said in its FY24 annual report.