Sula Vineyards share hits record high. Stock surges 30% is six straight sessions

Sula Vineyards shares have been in uptrend after announcement of strong Q3FY23 business update. Extending its rally for sixth straight session, Sula Vineyards share price today opened with upside gap and went on to hit intraday high of 432.40 apiece on NSE — a new record high of the scrip. The stock has been climbing to record high on a continuous basis as it hit life-time high today on fourth day in a row, surging more than 32 per cent in last six session.

Sula Vineyards share price has been ascending for the last six straight sessions after the announcement of strong Q3FY23 business update by the brewery company. In last six sessions, Sula Vineyards shares have risen from around 325 to 432 apiece levels, logging more than 32 per cent rise in this time.

The initial public offering of Sula Vineyards Ltd was launched in December 2022 at a price band of 340 to 357 per equity share. Sula Vineyards shares had a tepid debut as the stock opened at 358 apiece and went on to nosedive further on its listing date and finished at 331.15 levels. Sell off in Sula Vineyards shares further continued and the stock made its life-time low of 305 on NSE. However, after hitting 305 levels, Sula Vineyards share price rebounded and went on to break 400 levels.

Comparing with the upper price band of 357 per equity share, Sula Vineyards share price today is around 20 per cent higher. So, the stock has paid handsome return (within a month of its listing) to its allottees who remained invested in the scrip despite weak listing of the brewery stock at Indian bourses.

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In Q3FY23 business update, Sula Vineyards informed gross billing in its own brands at 187.20 crore, near 13 per cent up from 135.70 gross billing in third quarter of the previous financial year. The brewery company reported 13 YoY rise in gross billing of its wine tourism. In Q3FY23 business update, the company has recorded 23 crore gross billing in wine tourism business that stood at 20.30 crore in the corresponding period of the previous financial year.

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