Shares of Som Distilleries and Breweries surged nearly 5 percent in trade on Wednesday, outperforming in an otherwise weak market. The stock price buoyed after the maker of Hunter beer said its market share was the highest amongst all the premium beer manufacturers in Madhya Pradesh.

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In May, the company's mainline beer brand 'Hunter' commanded a market share of 55 percent in the state's premium beer segment, it said in an exchange filing.

Madhya Pradesh's new excise policy of allowing beer and Indian-made foreign liquor sales through country outlets was an encouraging development, the company had said earlier.

"...the revised Madhya Pradesh Government Excise Policy effective from 1.4.2022, the Country Liquor shops in the State shall also be allowed to sell Beer. This will lead to an exponential increase in the point of sale for our products. Due to the above factors and the receding trend of Corona cases we expect increased sales for the company in the FY 22-23," Som Distilleries said in an exchange filing.

Som Distilleries posted a net profit growth of 77 percent at Rs 6.39 percent in the January-March quarter. It had posted Rs 3.7 crores in PAT a year ago in the same period. The company's consolidated total income stood at Rs 146 crores against Rs 109 crores in Q4 20-21 showing a growth of 34 percent.

Som Distilleries is primarily engaged in brewing, fermentation, bottling, canning and blending of beer and Indian Made Foreign Liquor (IMFL), as per information available on its website. The company currently has an installed capacity of 23 million cases through itself and its two subsidiaries. In the past five years, the company has tripled its capacities.

Shares of Som Distilleries quoted at Rs 61.95 on BSE at 1.36 pm, retreating from the day's high of Rs 63.65.