G. M. Breweries Ltd witnessed a 12% surge in its share price during Monday’s intraday trading session. The company’s shares had previously experienced a decline of over 20% from their closing highs in October 2024 and were down more than 12% since the beginning of January 2024, following a sharp correction observed in small and mid-cap stocks. However, G.M. Breweries’ share price has since rebounded significantly.
In an exchange filing, G. M. Breweries announced that its Board of Directors will convene a meeting via audiovisual means on Thursday, April 4, 2024, at 11:30 a.m. The purpose of the meeting is to consider and approve the Audited Financial Results for the quarter and the year ended March 31, 2024, as well as to discuss the declaration of any dividend on the equity shares for the financial year 2023-2024.
Additionally, the company stated that the Board would also consider the proposal for the issue of Bonus Shares by capitalizing reserves, subject to approval from the company’s members. G. M. Breweries has a history of rewarding its shareholders with bonus shares, having issued them in 2014, 2016, and 2018. However, due to the Covid-19 pandemic in 2020, shareholders have been waiting for bonus shares for nearly six years. The company’s plans to reward its shareholders after this extended period have boosted investor confidence, leading to strong gains in share prices.
In its December quarter results declared on January 4, 2024, G.M. Breweries reported a 12.81% year-on-year drop in net profits during Q3 FY24, despite a 1.48% increase in topline. While sales rose by 3.99%, profit increased by 1.03% over the previous quarter.
