Shares of Associated Alcohols & Breweries Limited hit a 52-week high of Rs 529 on 15 January after the company announced the commencement of operations at its newly set-up ethanol plant.

In its regulatory filing, the company said that it had commenced commercial production at its newly constructed ethanol plant, which has a capacity of 130 kilolitres per day, for a total investment of Rs 150 crore.

The facility is a grain-based ethanol facility that is equipped with capabilities to process various feedstocks. This facility will add improved operational efficiency and overall performance, complementing the company’s current offering as a supplier of high-quality Extra Neutral Alcohol (ENA) for its IMFL products and to the other bottlers.

The company reported an annual growth of 36.62% year-on-year in its revenue from operations to Rs 701.11 Crore in FY23 from Rs 513.2 Crore reported in FY22.

The company is engaged in the business of manufacturing and bottling of alcoholic beverages. The company manufactures ENA, Indian Liquor, whiskey, rum, and many more. The company manufactures various known brands such as McDowell’s, Black & White Scotch whiskey, VT 69 Scotch, etc.

At 3:30 pm, the shares of Associated Alcohols closed 1.23% higher at Rs 515 on NSE.