Shares of Sula Vineyards were trading 4% above during the closing hours on 3 October after HDFC Mutual Fund increased its stake in the company.

HDFC Mutual Fund, on 28 September, increased its stake in the winemaker by 2.01% through open market operations.

As of 30 June, HDFC Mutual Funds owned an 8.97% stake in the company, SBI Consumption Opportunities Fund owned a 3.29% stake, Quant Mutual Fund owned 3.52%, and HDFC Small Cap owned 1.33%.

The promoter of Sula, Rajeev Saman, holds a 25.98% stake in the company.

On 28 September, Robert Italia informed the exchanges about his resignation from the board of directors of Sula Vineyards. He said, “My resignation will be effective as from the next board meeting to be held on November 9.”

The company is based in Nashik and engages in the manufacturing of red, white, rose, and other wines.

In its quarterly report for the April-June quarter, the company reported a 25% YoY increase in its revenue from operations at Rs 108 crore and a 45% YoY increase in net profit at Rs 16 crore.

At 3:30 pm, the shares of Sula Vineyards closed at Rs 480.45 or 3.44% above its previous close on NSE.