Shares of Sula Vineyards reach a record high. In six straight sessions, the stock had increased 30%

After the release of a positive Q3FY23 business report, Sula Vineyards shares have been on the rise. Sula Vineyards share price today opened with an upside gap and went on to attain an intraday high of $432.40 per piece on NSE – a new record high for the scrip. This extended its rally for sixth straight session. The stock has been steadily increasing to record highs, reaching a lifetime high today on the fourth consecutive day while soaring more than 32% during the previous six sessions.

Since the brewery company released a positive Q3FY23 business update, the share price of Sula Vineyards has increased for six straight sessions. Sula Vineyards shares have increased from about $325 to $432 per share over the course of the last six sessions, representing a gain of more than 32%.

Sula Vineyards Ltd. made its initial public offering in December 2022 at a price range of between 340 and 357 per equity share. Sula Vineyards shares had a muted debut; the stock started at $358 a share, fell further on the day it was listed, and ended the day at levels of $331.15. Shares of Sula Vineyards continued to decline, as the stock hit a lifetime low of 305 on the NSE.

The current share price of Sula Vineyards is around 20% more than the highest price range of 357 per equity share. So, despite the dismal listing of the brewery stock in Indian bourses, the stock has provided its allottees with handsome returns (within a month of its listing).

Sula Vineyards reported gross billing in its own brands at 187.20 crore in Q3FY23 business update, an increase of about 13% from gross billing of 135.70 crore in the third quarter of the previous financial year. The brewery company recorded a 13 YoY increase in their wine tourism’s gross billing. The company reported 23 crore gross billing in the wine tourism industry in Q3FY23, up from 20.30 crore in the previous quarter.