India's Sula Vineyards up 8% on Q3 profit climb

Sula Vineyards

10/02/2023 04:34

** Shares of India's biggest winemaker Sula Vineyards
 SULA.NS  rise as much as 7.58% at 428.40 rupees 
    ** Co reaches highest level since Jan 23, 2023
    ** SULA Q3 consol net profit climbed more than 15% to 392.8
mln rupees ($4.75 million)
    ** Co posted a 14.21% increase in its Q3 consol rev from ops
to 2.09 bln rupees
    ** Strong consumption growth in metro and non metro markets;
robust growth in wine tourism business as visitor count back to
pre-pandemic levels - Chief Executive Rajeev Sawant 
    ** The company became India's only publicly-listed winemaker
since its over-subscribed IPO in Dec 2022
    ** Relative Strength Index is at 67.9, indicating stock
near-overbought 
    ** More than 1.4 mln shares traded as of 09:49 a.m. IST, vs
30-day moving avg of 1.7 mln shares
    ** Stock has risen ~28% so far in 2023 after being listed
last year
($1 = 82.6230 Indian rupees)
 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com; +91 9830427878))