Breweries rule Dalal Street after Patna High Court stay order on govt's policy
DSIJ Intelligence / 30 Sep 2016
The Patna High Court smashed down the Bihar Government’s imposition of total prohibition in the state. The Bihar Prohibition and Excise Bill-2016, which came into effect on April 5, 2016 was deemed illegal by a division bench of the court.
The Patna High Court smashed down the Bihar Government’s imposition of total prohibition in the state. The Bihar Prohibition and Excise Bill-2016, which came into effect on April 5, 2016 was deemed illegal by a division bench of the court. Meanwhile, Bihar contributes about five per cent to six per cent of United Spirits' sales.
As per the verdict on the liquor ban, the court said that the way liquor ban policy has been implemented is not acceptable. The court was hearing a public interest litigation (PIL) challenging the Bihar government's decision to clamp total ban on sale and consumption of alcohol in the state.
The share price of liquor makers such as United Spirits, United Breweries, Pincon Spirit, Globus Spirits, Radico Khaitan and Tilaknagar Industries has rallied in the range of 5 to 12 per cent on an intraday basis. The share prices of these companies closed at Rs 2461.85,Rs 902.2 Rs 72.1, Rs 110.3, Rs 6.21, Rs 17.9 respectively.
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