India: United Breweries shares surge 10% on report of quarterly revenue increase
United Breweries shares surged 10 percent on April 24 after the beer company reported a 20 percent increase in revenue for the January-March quarter.
"In India, net revenue grew by 20 percent organically, driven by volume and positive price mix," the beer company said in its Q4FY24 update.
The company's volumes grew in low-teens, with the premium portfolio seeing a volume growth in the low-20s, led by Kingfisher Ultra and Heineken Silver.
The company also introduced a new beer, Queenfisher, on March 8, the International Women's Day.
The United Breweries stock settled at Rs 2,046.20 on the National Stock Exchange, up 10 percent from the previous close. The scrip has gained 26 percent in the past six months and 12 percent since January 1.
Volumes in the counter also shot up, as 25 lakh shares changed hands against the one-month daily traded average of 3 lakh.
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