GM Breweries share price: Its revenue from operations stood at Rs 595.78 crore as against Rs 594.47, marginally up 0.22 per cent
At 1:15 PM, the shares were off highs and were trading 1.60 per cent higher at Rs 921.55. In comparison, BSE Sensex was trading near record levels, up 0.49 per cent at 80,355.87 levels
Cheaper raw material prices and growth in premium segment expected to help company
The world's largest brewer AB InBev has evinced keenness for a Rs 400 crore investment to enhance and expand its brewery operations in Karnataka, according to the State's Large and Medium Industries Minister M B Patil. A Karnataka delegation led by Patil held discussions with executives of AB InBev on Wednesday at the World Economic Forum annual meeting in Davos, the Minister's office said in a statement. The company has a state-of-the-art brewery in Mysuru and a Global Capability Centre here. Meanwhile, HP Enterprise which currently employs 8,000 individuals in Karnataka out of its 15,000-strong workforce across India stated that the two new state-of-the-art buildings at Mahadevpura here would be unveiled soon. "This location is set to become the largest concentration of HP facilities globally, nearly double the size of its next biggest site, the statement said.
The company reported a 27 per cent decline in net profit at Rs 16 crore in the first quarter of fiscal 2019-20, due to higher raw material cost.
Net profit for March quarter zoomed 204% and the board proposed bonus issue in the ratio of 1:4
The stock rallied 11% to Rs 1,076 on BSE, trading near to its record high of Rs 1,160 touched on January 8 this year.