Som Distilleries shares rise 4% as board announces stock split

Shares of Som Distilleries Ltd rose nearly 4% today after the firm announced a stock split in the ratio of 5:2. Sentiment around the stock was also positive as the firm said it achieved highest-ever beer sales in a month (March) since entering Karnataka.

The stock gained 3.90% to Rs 297.90 against the previous close of Rs 286.70 on BSE. Market cap of the firm stood at Rs 2291.21 crore.

“The Board considered and approved the SubDivision of share capital of the Company. The Board considered Sub-Division of each of the Equity Share Capital of face value of Rs.5/- each into equivalent number of equity shares having a face value of Rs.2/- each (“Sub-division”) and consequent alteration in Clause V of Memorandum of Association of the company as per the provisions of the Companies Act, 2013 and applicable SEBI Regulations subject to requisite approvals and approval of the shareholders in the general meeting,” said Som Distilleries.

The stock hit a 52 week high of Rs 389.80 on October 5, 2023 and a 52 week low of Rs 142.38 on April 10, 2023. In terms of returns, the stock gained 359% in two years and rose 92% in a year.

Som Distilleries stock is trading higher than the 10 day, 20 day, 30 day, 50 day, 100 day and 150 day moving averages. Market cap of the firm rose to Rs 2291.21 lakh crore. Som Distilleries shares have a one-year beta of 0.5, indicating very low volatility during the period.   

In terms of technicals, the relative strength index (RSI) of Som Distilleries stands at 59.6, signaling the stock is trading neither in the oversold nor in the overbought territory.

Som Distilleries & Breweries is engaged in the manufacture and sale of Beer and Indian Made Foreign Liquor (IMFL).