Sula Vineyards gains after HDFC MF raises stake

According to a report, HDFC Mutual Fund, which in the June quarter held 1.33 percent, increased its stake by 2.01 percent on September 28 an open market operation

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Sula Vineyards shares were up 2.05 percent in the afternoon trade after HDFC Mutual Fund increased its stake in the winemaker.

CNBC TV18 has reported that HDFC Mutual Fund on September 28 increased its stake by 2.01 percent via an open market operation.

As of June 30, mutual funds owned an 8.97 percent stake in Sula Vineyards. The SBI Consumption Opportunities Fund owned 3.29 percent, Quant Mutual Fund 3.52 percent and HDFC Small Cap Fund 1.33 percent.

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Rajeev Saman, promoter of Sula Vineyards, holds a 25.98 percent stake in the company.

The same day, Robert Italia informed the exchanges about his resignation from the board of directors of Sula Vineyards on September 28. “My resignation will be effective as from the next board meeting to be held on November 9,” Italia said.

The stock has delivered 43 percent returns in the last year and 26 percent in the last six months.

In the June quarter,  the company’s revenue increased 25 percent year-on-year (YoY) to Rs 108 crore. Net profit was up 45 percent at Rs 16 crore.

Based in Nashik, Sula Vineyards is engaged in the production of making red, white, rose and other wines.

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