India's Sula Vineyards up as Q2 prelim sales grow double-digit

Sula Vineyards

12/10/2023 05:19

** Shares of wine producer and seller Sula Vineyards
 SULA.NS  up as much as 3.95% at 485 rupees, their highest since
Sept. 21     
    ** If gains hold, stock on track to rise for third straight
session - its longest winning streak since Aug. 24 
    ** Co says estimated net revenue from own brands in Q2FY24
up 14% y-o-y to 1.16 bln rupees ($13.95 mln)
    ** SULA is India's largest winemaker with over 50% share in
the domestic wine market
    ** Co says "anticipating a strong harvest once again despite
the irregular monsoons, which bodes very well for meeting the
increasing demand for our Elite and Premium wines"
    ** More than 387,000 shares traded by 9:36 a.m. IST, 0.4x
their 30-day moving avg
    ** Up to last close, stock up 40.7% YTD

($1 = 83.1325 Indian rupees)

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