BackBisleri bottler's stock hits upper circuit for 5th day, up 81% in a month. Company clarifies on price jump
Orient Beverages shares have given multibagger return by surging more than 114% in the last six months
PremiumShares of Orient Beverages hit upper circuit for the fifth trading session on Thursday, surging to ₹179 apiece. The stock has been in an upward momentum in the past few sessions and has rallied more than 81% in the last one month.
The company is the franchisee of M/s Bisleri International Pvt. Ltd. (BIPL) for West Bengal and Jharkhand region and manufacturing and selling packaged drinking water carrying the trade brand “Bisleri" under licence from M/s BIPL.
With respect to the price movement, the company clarified that “there is a news in the electronic and print media that the “Tata Group" is in the process of acquisition or has acquired trade brand “Bisleri" against certain consideration. This may be one of reasons for fluctuation in the price of our script. However, as on date, we have no official communication from M/s BIPL in this regard, hence we are not in a position to inform you more details or impact of the deal on our company."
It further added that “with regards to significant movement in price of the security, in recent past; we would like to state that the Company regularly keeps Stock Exchanges informed about the events, information, etc. including any price sensitive information in accordance to regulatory requirements. There is no event or development in the Company, which may be a reason for significant movement in the price of security of our company."
Orient Beverages shares have given multibagger return by surging more than 114% in the last six months whereas it has gained more than 126% in 2022 (YTD) so far.
Incorporated in the year 1960 under the name and style of Orient Properties Private Ltd and till the year 1971, the main object of the company was construction of Commercial Complexes and dealing in Real Estate business.
In the year 1971, the company stepped into a Public Ltd company and diversified its business by setting up a soft drinks bottling plant in Bihar and subsequently the name of the company was changed to Orient Beverages Ltd. The company has further expanded business of packaged drinking water and is also carrying on its Real Estate business.
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