Som Distilleries stock gains 1% on promoter Jagdish Kumar Arora’s stake purchase

The promoter’s stake purchase followed a week after income tax department searched premises of Som Group of Companies across the country, including Bhopal, Jabalpur, and Indore on November 7

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Shares of Som Distilleries & Breweries gained 1 percent to Rs 301 per share on November 16 after insider data revealed that promoter and managing director Jagdish Kumar Arora bought 11,000 shares of the company at an average price of Rs 297 apiece. Arora’s holding in Som Distilleries now stood at 19.67 percent. The S&P BSE Sensex was down 116 points or 0.1 percent at 65,559 levels, as of 9:30 am.

The promoter’s stake purchase followed a week after income tax department searched premises of Som Group of Companies across the country, including Bhopal, Jabalpur, and Indore on November 7. As a result, investors turned cautious causing the stock price of Som Distilleries to plummet below Rs 300-mark.

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In the past one month, the stock of this liquor manufacturer has declined 12 percent as against 0.7 percent rise in the benchmark Sensex.

Som Distilleries, however, informed exchanges that they have been co-operating with officials during proceedings and have responded to clarifications and details sought by them. They further stated that the business operations of the company have not been impacted due to the search.

In the September-ended quarter of fiscal year 2023-24 (Q2FY24), Som Distilleries consolidated total income surged 72 percent on-year to Rs 464 crore from Rs 269 crore a year ago. The company’s consolidated net profit, too, spiked 80 percent on-year to Rs 14 crore in Q2FY24.

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Analysts at HDFC Securities shared a ‘buy’ call for Som Distilleries in a post-result review note, with a target price of Rs 387 per share in a bull-case scenario.

“Going ahead, we expect the company to report 28 percent/34 percent/36 percent compounded annual growth rate (CAGR) in its revenue/EBITDA/PAT respectively over FY23-25E. We believe the domestic market offers various opportunities in term of sub-geographic penetration and market diversification. The management of Som Distilleries is cognizant of the same as it intend to seize the opportunity and increase the company’s market share by exploring untapped markets, through product innovations and undertaking capex,” the brokerage firm added.

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