Shares of liquor majors such as Globus Spirits, Pincon Spirits, United Spirits and United Breweries soared after the Patna High Court quashed Bihar government's liquor ban policy.
Shares of liquor majors such as Globus Spirits, Pincon Spirits, United Spirits and United Breweries soared after the Patna High Court quashed Bihar government’s liquor ban policy. The High Court has called Nitish government’s Bihar liquor prohibition unlawful and illegal.
At 12.38 pm, shares of United Spirits were trading 5.68 per cent up at Rs 2438.60. The scrip opened the day at Rs 2325 and has touched a high and low of Rs 2453.55 and Rs 2325, respectively. Globus Spirits and Pincon Spirits were trading 9.85 per cent and 4.92 per cent up at Rs 108.70 and Rs 71.40, respectively, at the same time. United Breweries was also up by 2.58 per cent at Rs 900.20.
For the quarter ended June 30, 2016, United Spirits reported a 277 per cent rise in standalone net profit at Rs 43.80 crore for the quarter ended June. Its net profit stood at Rs 11.61 crore in the corresponding quarter last year. However, as expected, a ban on consumption of alcohol in Bihar has impacted sales of USL during the quarter. The company witnessed 9.66 per cent growth in sales at Rs 2,027.33 crore compared with Rs 1,848.72 crore in the same quarter last year.
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Meanwhile, Pincon Spirit informed BSE that the company has signed a Memorandum of Understanding for taking over Bacchus Enterprises Limited based in Ludhiana engaged in the business of Indian Made Indian Liquor (IMIL) (County Spirit) and Indian Made Foreign Liquor (IMFL).