Som Distilleries at new high

Som Distilleries has been hitting new highs since the beginning of the year and today was no different – it hit a new high at Rs.262.90 – its highest since 28th May, 2014. Volumes have jumped up from  2-week average of 1.20 lakh shares to almost 5.5 lakh shares changing hands today.

Like Jhunjhunwala, there is another mover and shaker in the markets now; mere mention of his buy or sell impacts the share price immensely. Porinju Veliyath. He has bought 1.50 lakh shares or 0.5% stake at Rs 197.95 each. Also, Equity Intelligence India, which is founded by Porinju bought 5 lakh shares or 1.8% stake at Rs 197 each. So today, Porinju holds a total of 2.3%.  Promoter holding currently stands at 22.99%.

The company recently got approval from the US FDA for its beer brands and has since then begun dispatches to USA.

Som Distilleries ended Q2FY18 with a 50% (YoY) rise in net sales at Rs.71 crore and net profit was up 79% at Rs.5 crore.