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Globus Spirits stock rises 4% on agreement with Tilaknagar Industries

Globus Spirits stock rises 4% on agreement with Tilaknagar Industries

Globus Spirits stock gained 4.31 per cent to Rs 955.75 against the previous close of Rs 916.30 on BSE.

hares of Globus Spirits have gained 32.2 per cent in a year but lost 26.25 per cent in 2022. hares of Globus Spirits have gained 32.2 per cent in a year but lost 26.25 per cent in 2022.

Shares of Globus Spirits Ltd rose over 4 per cent amid a weak market today after the company said it would provide various services to distillery assets of Tilaknagar Industries. Globus Spirits stock gained 4.31 per cent to Rs 955.75 against the previous close of Rs 916.30 on BSE.

The stock trades higher than 5-day moving averages but lower than 20-day, 50-day, 100-day and 200-day moving averages. Shares of Globus Spirits have gained 32.2 per cent in a year but lost 26.25 per cent in 2022.

Total 8,621 shares changed hands amounting to a turnover of Rs 81.72 lakh on BSE.

Market cap of the firm rose to Rs 2,703.28 crore.

The stock hit a 52-week high of Rs 1,760 on January 14, 2022 and a 52-week low of Rs 650 on July 1, 2021.

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"Globus Spirits Limited (GSL) has entered into an arrangement for strategic, technical, manufacturing and marketing tie-up with the aim to offer an integrated service to operate the plant at the envisaged rated capacity of 140 KLPD distillery asset owned by Tilaknagar Industries Ltd located at Shrirampur, Ahmednagar, Maharashtra (Distillery Asset)," said the firm in communication to BSE.

Globus Spirits will provide various services including engineering, operations, maintenance, and marketing for distillery assets owned by Tilaknagar Industries. It will operate a plant at Ahmednagar, Maharashtra. The company will get a service fee as a share of the ,core profit generated by the distillery assets.

The company reported an 8.5 per cent fall in its consolidated net profit at Rs 48.58 crore compared to Rs 53.09 crore in Q4FY21. Sales climbed 34.40 per cent year-on-year to Rs 479.37 crore from Rs 356.68 crore in the previous year's, quarter.

The company manufactures and markets Indian Made Indian Liquor, Indian Made Foreign Liquor (IMFL), bulk alcohol, and contract bottling for established IMFL brands.