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As of 31-Dec-2022, promoters held 48.76 per cent stake in the company, while FIIs held 22.32 per cent and domestic institutional investors had 7.5 per cent.

The Relative Strength Index of the stock stood at 60.1 on Wednesday.

On the daily chart, there is solid base formation along with bullish regular divergence that is looking lucrative.

On a provisional basis, Sula Vineyards said its net revenue for the fourth quarter of FY23 was at Rs 104.3 crore from its own brands and Rs 12.4 crore from wine tourism, which represents room revenue, sale of food & beverages, merchandise, and all other ancillary services. For FY23, net revenue from own brands was Rs 482.5 crore and Rs 45 crore from wine tourism.

The stock traded at a P/E multiple of 48.59, while the price-to-book value ratio stood at 6.61.

The Nifty Pharma index closed 0.01 per cent up at 12300.0.

From the Sensex pack, Tata Steel, HDFC, ICICI Bank and HDFC Bank were the top gainers, rising about 0.5-1%. L&T, Asian Paints, UltraTech Cement and M&M also opened with gains. On the flip side, IndusInd Bank, Nestle, Kotak Bank, HCL Tech and Tech Mahindra opened with cuts.

ICICI Securities believes that stocks like Delhivery, IndiaMart and Nazara will provide good opportunities to investors.

Price rebounding after taking support at 50% retracement of recent up move suggest further upward momentum.

JPMorgan maintained an overweight rating on L&T with a target price of Rs 2480. The capex cycle is trending strong. The global investment bank expects the FY24 core revenue guidance to be robust.