Sula Vineyards gains over 2% after HDFC Mutual Funds ups stake
The total holding of the schemes of HDFC Mutual Fund in Sula Vineyards stands at 8.56 per cent of the paid-up share capital.
Shares of the wine producer Sula Vineyards gained over 2 per cent in the morning trade on Tuesday, October 3, 2023, after the company's regulatory filing showed that leading mutual fund house HDFC Mutual Fund has increased its shareholding in the brewery firm by 2.01 per cent.
"We wish to inform you that there has been an increase in the shareholding of the company by the schemes of HDFC Mutual Fund by 2.01% as of September 28, 2023," said the company in a filing with the exchanges. Accordingly, as of September 28, 2023, the total holding of the schemes of HDFC Mutual Fund in Sula Vineyards stands at 8.56 per cent of the paid-up share capital.
At the time of writing this report, shares of the company were trading 1.5 per cent higher at Rs 471.6 on the BSE.
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The mutual fund, through its schemes, previously held a 6.55 per cent stake in the company as of August 31, 2023.
In the last one year, the stock of Sula Vineyards has gained 43 per cent, while in the past six months, the stock has run up by 27 per cent.
As per the Trendlyne data, the consensus recommendation from 3 analysts for the stock is buy, with a strong buy from one of the analysts. The average brokerage target for the counter is Rs 587, implying an upside of over 24 per cent from the current price.
Sula Vineyards, in the quarter ended June of the current fiscal year (Q1 FY24), posted a total revenue of Rs 110 crore as against Rs 105 crore logged in the same quarter of the previous financial year. The company’s net profit during the quarter also increased to Rs 13.7 crore versus Rs 11 crore in Q1 FY23.
The small-cap company commands an m-cap of Rs 4,002.65 crore.
Sula Vineyards Limited is engaged in the production and sale of wine. In addition to the flagship brand Sula, its brands include RASA, Dindori, The Source, Satori, Madera, and Dia.