Karnataka government abolishes additional excise on liquor; liquor stocks gain
DSIJ Intelligence / 15 Mar 2017
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Liquor stocks soared on Wednesday even as the Karnataka government announces abolishing additional excise on liquor in its budget for 2017.
Liquor stocks soared on Wednesday even as the Karnataka government announces abolishing additional excise on liquor in its budget for 2017.
United Breweries, United Spirits, Radico Khaitan, Pincon Spirits, GM Breweries & Globus Spirits are up by nearly 2%, 3%, 4%, 2%,1.5%, 2% and 3.6% respectively.
The Karnataka government also lifts VAT on wine, beer and hard liquor.
The news is sentimentally positive for the liquor stocks and may improve the demand situation for liquor in the state.
Liquor stocks have been under pressure owing to several states choosing to make their respective states “liquor-free”.
Broader markets are reeling under pressure and are trading with a negative bias. BSE Sensex is trading flat with negative bias and is down by 18 points at 29420 levels.
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