GM Breweries skyrockets 12% as board to consider bonus issue, dividend this week

G. M. Breweries Ltd  share price rose 12% during the intraday trades on Monday. The share price of G. M. Breweries had declined more than 20% from closing highs seen in the month of October 2024 also were down more than 12% since 1st of January 2024, post sharp correction witnessed in small and mid caps lately . However G.M. Breweries share price have been rebounded well now.

In a release on the exchanges, G. M. Breweries stated that the Company's Board of Directors will convene  a meeting via audiovisual means on Thursday, April 4, 2024, at 11:30 a.m. This will be to consider and to take on record interalia the Audited Financial Results for the quarter and the year ended March 31,2024 as well as also to consider declaration of Dividend If any, on the equity shares of G. M. Breweries, for the financial year 2023-2024.

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While the notice for the same was given on March 20,2024 the G. M. Breweries in its release added that the Board would consider the proposal for issue of Bonus Shares by way of capitalization of reserves, subject to approval from Members of the company.

G. M. Breweries has a history of rewarding shareholders with bonus  shares and in the past during 2014 , 2016 and 2018 has also issued bonus shares to the shareholders. However in 2020 the Covid pandemic struck and hence the wait of  the investors for the bonus shares now has been too quite long.   Looking at the plans of the G. M. Breweries to reward its shareholders after a gap of almost six year, the investors confidence saw a sharp uptick, leading to a strong gains in the share prices.

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Earlier, G.M. Breweries had declared its December quarter result on the 4th of January 2024.  G.M. Breweries during Q3 FY24 had seen its net profits drop by 12.81% year-on-year though its topline grew by 1.48%. The sales rose by 3.99% and the profit by 1.03% over the previous quarter.

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