Som Distilleries shares hit record high on tie-up with Carlsberg for Odisha plant

Som’s plant in Odisha will be partly utilised to produce a wide range of world-class beverages, including popular brands from Carlsberg India’s portfolio.

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The share price of Som Distilleries and Breweries gained 14 percent intraday to hit a record high of Rs 216.55 on May 22 after the company announced a strategic tie-up with Carlsberg India for its Odisha plant.

“The partnership aims to leverage collective strength, expertise and resources to enhance the production and distribution of premium beverages in the Odisha region,” the distilleries company said in a filing to exchanges.

Under this strategic tie-up, Som’s plant in Odisha will be utilised partly to produce a wide range of world-class beverages, including popular brands from Carlsberg India’s portfolio.

Carlsberg Group, which was established in 1847 in Denmark, began its India operations in 2007 in Paonta Sahib, Himachal Pradesh.

“This tie-up will also lead to better capacity utilisation of the expanded capacity of the Odisha plant which is expected to be completed by June 2023,” Som Distilleries and Breweries said.

The company last week raised Rs 48.94 crore from rights issue as its Rights Issue Committee has approved the allotment of 34.95 lakh rights equity shares to eligible shareholders at a price of Rs 140 per unit.

The stock was quoting at Rs 216, up 13.77 percent on the NSE, at 2:20pm. Today’s trading volume was higher than the previous day’s.

Technically, it has formed a robust, bullish candlestick pattern on the daily charts, making a higher-high-higher-low formation for the third straight session.