Sula Vineyards jumps 9% as CLSA initiates coverage with 'Buy' rating

Sula is well placed to leverage the global consumer shift towards the low-alcohol beverage segment - beer and wine, the report stated.

Shares of Sula Vineyards (Sula) surged 9 per cent to Rs 371 on the BSE in Wednesday’s intra-day trade in an otherwise range-bound market after the brokerage firm CLSA initiates coverage with ‘Buy’ rating on the stock and target price of Rs 475 per share. In past two trading days, the stock of breweries & distilleries rallied 12 per cent. In comparison, the S&P BSE Sensex was up 0.22 per cent at 58,205 at 10:31 AM.

Sula is India’s largest wine producer and seller (52 per cent market share in FY22). The company produces 56 different labels of wine