India: United Breweries shares up 6% following beer price hike
United Breweries shares rallied nearly 6 percent intraday to hit a fresh record high of Rs 1,199 on Thursday, January 11 following beer price hike, Moneycontrol.com reported.
CNBC-TV18 reports quoting Cogencis that the company has hiked its Kingfisher beer price by 7-8 percent in Mumbai.
Meanwhile, company's gross revenues in July-September quarter grew by 24 percent and revenue net of duties increased 23 percent, driven by price increases, positive state and brand mix, as well as beer exports.
The company had commenced direct export of beer from April 2017.
During the quarter, United Breweries's volume growth at 11 percent was ahead of industry growth of 5 percent while operating growth was at 72 percent YoY.
At 15:16 hours IST on January 11, the stock price was quoting at Rs 1,188.00, up Rs 56.40, or 4.98 percent on the BSE.
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