According to stock market experts, Sula Vineyards shares are bouncing back from its lows after the strong Q3FY23 business update where it has reported strong 13 per cent YoY volume growth with realisation. In recently ended December 2022 quarter, Sula Vineyards Ltd has reported its highest ever quarterly gross billing, both from its own brands and from its wine tourism business.
Stock market experts said that fresh buying is not recommended at current levels as the stock is facing strong resistance at ₹363 apiece levels but the scrip may become highly bullish after giving breakout at this levels on closing basis. So, one should buy above ₹363 for short term immediate targets of ₹400 and ₹425 maintaining stop loss at ₹340 apiece levels. For those, who have this stock in their portfolio, they have been advised by the market experts to upgrade their trailing stop loss at ₹340 per equity share.
Speaking on Sula Vineyards share price rally, Saurabh Jain, Vice President — Research at SMC Global Securities said, "Current rally in Sula Vineyards shares can be attributed to the strong business update given by the company where it has reported 13 per cent YoY rise in gross billings in October to December 2022 quarter. Compared to first nine months of FY23 gross billing with the corresponding period in FY22, the company has posted 28 per cent jump in gross billings in its own brands whereas its wine tourism business has blossomed to the tune of 48 per cent in this time. This is the major reason for the rally in Sula Vineyards share price today."
Sula Vineyards share price target
On Sula Vineyards share price outlook, Manoj Dalmia, Founder & Director at Proficient Equities said, "Sula Vineyards shares are facing immediate hurdle at ₹363 and fresh investors should wait for breakout above this hurdle on closing basis. The stock may become highly bullish once it gives breakout above this hurdle on closing basis and can go up to ₹400 and ₹425 apiece levels in short term. So, fresh investors should wait for the breakout and buy above ₹363 levels for ₹400 and ₹425 targets. But, one must maintain stop loss at ₹340 while taking fresh position in the scrip."
For those who hold Sula Vineyards shares, Manoj Dalmia said that Sula Vineyards shareholders should hold the stock for ₹400 and ₹425 apiece targets but one must upgrade one's trailing stop loss at ₹340 per share levels.
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Sula Vineyards has recorded its gross billing in own brands category in Q3FY23 at ₹187.20 crore, around 13 per cent higher from its Q3FY22 gross billing of ₹165.70 crore. Similarly, Sula Vineyards Ltd has reported gross billing in wine tourism business in Q3 of FY23 at ₹23 crore, around 13 per cent higher from its wine tourism business gross billing of ₹20.30 crore in third quarter of the financial year 2021-22.
Sula Vineyards Q3FY23 business update
Sula Vineyards gross billing in first 9 months of FY23 in own brands category stands at ₹391.5 crore, around 28 per cent higher from its gross billing in the same category during first nine months of FY2021-22.
Sula Vineyards share price history
Sula Vineyards shares had a flat listing on BSE and NSE on 22nd December 2022. The brewery scrip went further down after listing and hit life-time low of around ₹305 apiece on NSE. It has made life-time high of ₹363 apiece on NSE and experts are seeing this as immediate hurdle for the scrip.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
