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Business News/ Markets / Stock Markets/  Brewery stock jumps as market awaits better Q4 results today. Do you own?
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Brewery stock jumps as market awaits better Q4 results today. Do you own?

Q4 results today: Market is expecting strong fourth quarter earnings from the brewery company

Brewery stock may go up to ₹900 apiece levels if it manages to report Q4 results in sync with the market expectations, say experts. (MINT)Premium
Brewery stock may go up to 900 apiece levels if it manages to report Q4 results in sync with the market expectations, say experts. (MINT)

Q4 results today: United Spirits Ltd or McDowell is expected to declare its fourth quarter results for the financial year 2022-23 any time today. However, ahead of the United Spirits results today, its share price has attracted bulls attraction as market is expecting strong Q4 results today from the brewery company. During Thursday deals, McDowell share price opened higher and went on to climb to its intraday high of 805 apiece levels on NSE, logging near one per cent intraday rise on Thursday.

According to stock market experts, brewery company is expected to deliver better than estimated Q4 results today and hence bulls are buying McDowell shares ahead of the announcement of Q4 results. They said that improved realisations on account of better mix and higher share from Prestige is expected to boost fourth quarter results of the company. They also expected that volumes on Prestige and above segments are expected to be around 9 per cent or may be in double digits in the Q4 results expected today. They advised United spirits shareholders to hold the scrip as it may go up to 900 after the Q4 results today.

On why United Spirits share price is ascending today, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "United Spirits share price is rising today as the brewery company is expected to report improved realisations on account of better mix and higher share from Prestige and above & price hikes in January to March 2023 quarter will also have a positive impact on the Q4 results of United spirits. Volume for Prestige and above segment is likely to be higher by 9 per cent or may in double digits."

Expecting further upside in McDowell share price, Anuj Gupta, Vice President — Research at IIFL Securities said, "United Sprit share price is trading in positive direction for the last four weeks. It made a low of 730.55 levels in February 2023 and now it is trading at around 802 apiece levels. Technically, United Spirits shares have immediate support placed at 770 levels and the 730 levels, while resistance at 870 levels. On breaching this immediate hurdle the brewery stock is facing strong resistance at 920 levels. On can buy the stock at around 780 to 770 zone and hold stop loss below 730. The stock may go up to 900 apiece levels after the announcement of Q4 results, provided it comes on the expected lines of the markets."

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 18 May 2023, 02:04 PM IST
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