India's Sula Vineyards extends gains on govt subsidy plan, hits record high for 2nd day

Sula Vineyards

08/01/2024 07:15

** Shares of Sula Vineyards  SULA.NS  surges 17% to hit
record high for second straight session 
    ** India's largest wine producer hit all-time high in
previous session after Maharashtra state government revived plan
to subsidise wines made and sold in the state
    ** Brokerage CLSA says Maharashtra reinstating subsidy is
positive for SULA as the state, co's biggest market, accounts
for almost half of its revenue 
    ** With major distraction for investors removed, focus can
now be on long-term opportunity for wine consumption, wine
tourism in India - CLSA 
    ** CLSA upgrades rating on stock to 'buy', raises PT to 863
rupees from 571 rupees
    ** SULA up 28.3% in six sessions so far this year; it
climbed 50.3% in 2023 
    

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))