GM Breweries shares fall 4% after Q4 results, dividend announcement

Shares GM Breweries Ltd slipped in Thursday’s trade after reporting earnings for the fourth quarter that ended March 31 this year (Q4 FY23) and announcing a dividend of Rs 6 per equity share. The company reported a net profit of Rs 35.10 crore in Q4 FY23 against Rs 40.08 crore in the same period a year ago. Total income stood at Rs 618.40 crore in Q4 FY23 over Rs 566.77 crore in the year-ago period.

The company board said it has also approved a final dividend of Rs 6 per equity share of Rs l0 for FY23. Further, it re-appointed Jimmy Almeida as Managing Director for a five-year term, with effect from April 01, 2023, up to March 3l, 2028.

The stock today fell 4.08 per cent to hit a day low of Rs 562 over a previous close of Rs 585.90, halting its four-day winning run. A total of 17,000 shares changed hands today on BSE, which was more than four times compared to the two-week average volume of Rs 3,572. Turnover on the counter came at Rs 98.61 lakh, commanding a market capitalisation (m-cap) of Rs 1,032.68 crore. There were 5,689 buy orders against sell orders of 5,442 shares.

At today’s low price of Rs 562, the counter traded 11.62 per cent higher from its 52-week low of Rs 503.50, hit on June 20 last year. That said, the stock has declined 26.07 per cent from its one-year high of Rs 760.15, a level seen on April 6, 2022.

On a year-to-date (YTD) basis, the stock has declined 10.58 per cent.

The stock was last seen trading higher than the 5-day, 20- and 50-day moving averages but lower than the 100-day and 200-day moving averages. The counter’s 14-day relative strength index (RSI) came at 54.10. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company’s stock has a price-to-equity (P/E) ratio of 10.21. It has a price-to-book (P/B) value of 1.73.

The scrip has a one-year beta of 0.85, indicating low volatility, as per Trendlyne data.

GMBL is engaged in the activities of manufacturing and marketing alcoholic beverages; such as country liquor and Indian-made foreign liquor. GMBL, as per its official website, is the largest manufacturer of country liquor in Maharashtra with a sizeable market share.

Meanwhile, Indian equity benchmarks turned positive in Thursday’s trade as the Reserve Bank of India (RBI) surprised markets by holding its key repo rate steady at 6.50 per cent after six straight hikes.

Also read: TCS, Infosys to announce Q4 results next week; here’ what to expect from IT sector

Also read: Adani Enterprises shares jump 6%; m-cap tops Rs 2 lakh crore; Adani Green, Adani Wilmar hit 5% upper circuit limits

Comments (0)
Add Comment