Sula Vineyards Shares Surge Up to 10% in a Day
Sula Vineyards, India’s largest wine company, witnessed a 10% surge in its shares during Friday’s trading session. This is the third consecutive day when the company’s shares have witnessed a sharp rise. The shares touched a high of INR 474.90, up by almost 9.7% during the day on the National Stock Exchange (NSE). However, by the end of the day, the shares lost some of the gains and closed at INR 457.50, up by 5.67%.
New CFO to Join Sula Vineyards in August
On June 8, Sula Vineyards announced that it has identified a new Chief Financial Officer (CFO) who will join the company in August. However, the company did not disclose the name of the new CFO. Earlier in March, Bittu Varghese resigned from his position as the CFO of the company.
Sula Vineyards Launches Three New Luxury Villas
Apart from this, Sula Vineyards also announced the launch of three new luxury villas at its prestigious Beyond Resort in Nashik. Speaking about the new villas, the company’s CEO Rajeev Samant said, “We have added three stylish new villas in Nashik with stunning natural views overlooking the Gangapur Lake. These are based on the theme of our popular Sky Villa and are always overbooked. With the new villas, we hope to offer more guests the experience of enjoying our vineyards.”
Impressive Financial Results for Sula Vineyards
Sula Vineyards had made its initial public offering (IPO) in December 2022, with an issue price of INR 357 per share. The company had raised around INR 960 crores through its IPO. The financial year 2023 has been a great year for Sula Vineyards, with a 61% increase in its net profit, which stood at INR 84 crores. The company’s revenue also increased by 22% to reach INR 553 crores.
These developments indicate the growing popularity of Sula Vineyards among investors and customers alike. The company’s expansion plans, coupled with impressive financial results, make it an attractive investment opportunity for those looking to invest in the Indian wine industry.
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