In the past two days, the stock of the breweries and distilleries company has zoomed 28 per cent from the level of Rs 900.10 on Thursday, August 29.
The domestic mutual fund bought shares at an average price of Rs 1,071.49 per share, data from the the exchange showed.
A combined 1.8 million shares of the company had changed hands on the NSE and BSE.
The stock had hit a record high of Rs 1,760 on January 14, 2022.
GSL operates five modern and fully integrated grain-based distilleries at Behror (Rajasthan), Samalkha (Haryana), Panagarh (West Bengal), Vaishali (Bihar), and Baharagora (Jharkhand), with a combined capacity of around 268 million litres per annum.
In terms of outlook, the company said that ethanol will grow its top line due GSL’s recent expansion in West Bengal and Jharkhand. “The government’s initiative of 20 per cent blending of petrol in the country by 2025 has given us an opportunity,” GSL said in its FY24 annual report.
That comes on the back of estimates that peg India’s RTD market volume to grow to 65.6 million litres by FY25, from 38.2 million litres in FY20.
The company also recently announced a joint venture (JV) partnership with diversified Caribbean conglomerate ANSA McAL Ltd, with the primary objective of engaging in the manufacturing, sourcing and distribution of beer in India.
However, the initial focus of the JV is on launching the ‘Carib’ beer brand in the Indian market, GSL said in its FY24 annual report.
First Published: Sep 02 2024 | 10:52 AM IST
