Som Distilleries announced receiving the Karnataka Excise Department’s approval to supply premium beer brands in Tamil Nadu. The stock gained nearly 5 percent after the announcement.
At 1:25pm, shares were trading at Rs 299.1, up by 4.91 percent. The company, in its regulatory filing, said it got permission to supply premium brands like Hunter, Blackfort, and Woodpecker to Tamil Nadu.
In QFY24, the company’s beer volume increased 40.5 YoY to 40.3 lakh cases. Brands like Hunter and Blackfort recorded volume growth of 24.1 percent and 36.7 percent, respectively, compared to the previous quarter.
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In July, Som Distilleries received approval to supply beer in Rajasthan. The company said Rajasthan is one of the top five states in consumption nationwide.
Shares of Som Distilleries have surged 153 percent in the year-to-date period. Meanwhile, FIIs have reduced their stake in the company from 1.08 percent in the June quarter to 0.86 percent in the September quarter. At the same time, DIIs have increased from 0.15 percent in the June quarter to 0.47 percent in the September quarter.
(the above news was originally posted on Money Control)
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