Indian winemaker Sula Vineyards hits record high

Sula Vineyards

05/01/2024 09:40

** Shares of Sula Vineyards  SULA.NS  rise as much as 14.1%
to a record 567.95 rupees; sees best day in nearly 1 year
    ** Maharashtra govt to revive the Wine Industrial Promotion
Scheme for five years under which wineries are given 16% rebate
on 20% of value added tax, Hindustan Times reports
    ** Report adds, govt approved rebate refund to wineries for
last four years
    ** SULA did not immediately respond to a Reuters query on
potential gains from tax refund
    ** Stock sees busiest day since Aug. 31 when it fell about
3% on reports of Verlinvest looking to sell up to 12.56% stake
in co via a block deal
    ** Trading vol at ~7.8 mln shares, 15.9x the 30-day avg
    ** Stock up ~50% in 2023

 (Reporting by Dimpal Gulwani)
 ((dimpal.gulwani@thomsonreuters.com))