Shares of Globus Spirits (GSL) reached a new 52-week high of ₹1,154 on Monday, soaring 8% on the National Stock Exchange (NSE) during intra-day trading with high trading volumes. Over the past two days, the stock has jumped 28% from ₹900.10 on August 29.
On August 30, Motilal Oswal Mutual Fund bought 200,000 shares of Globus Spirits, which is about 0.69% of the company’s total equity, through a block deal on the NSE. They acquired the shares at an average price of ₹1,071.49 each. As of June 30, 2024, Motilal Oswal MF had little to no stake in the company.
At 10:06 AM, GSL’s stock was trading 2% higher at ₹1,096, while the Nifty 50 index rose by just 0.20%. A total of 1.8 million shares of GSL were traded on the NSE and BSE.
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Previously, GSL’s stock had reached a peak of ₹1,760 on January 14, 2022. The company, which produces and sells various types of alcohol, operates five grain-based distilleries in Rajasthan, Haryana, West Bengal, Bihar, and Jharkhand with a combined capacity of about 268 million liters per year.
Looking ahead, GSL anticipates growth driven by ethanol production due to recent expansions in West Bengal and Jharkhand. The company is also capitalizing on the government’s plan to blend 20% ethanol in petrol by 2025.
Additionally, GSL has ventured into the Ready-to-Drink (RTD) market through its new subsidiary, Bored Beverages, aiming to tap into the growing RTD market in India. They have also formed a joint venture with Caribbean conglomerate ANSA McAL Ltd to manufacture and distribute beer in India, initially focusing on launching the ‘Carib’ beer brand.
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