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Liquor stocks surge up to 12% after Supreme Court clarifies highway ban order

LiveMint logoLiveMint 24-08-2017 PTI

New Delhi: Shares of liquor companies have rallied by up to 12% on BSE on Thursday amid reports that the Supreme Court has clarified the liquor ban on highways does not extend to municipal areas.

The stock of United Spirits climbed by 3.89% to settle at Rs 2,567.65 on the BSE. In the intra-day trade, the scrip had risen 5.51% to Rs 2,607.90. GM Breweries’ scrip swelled by 5.03% to close at Rs 421.75.

During the trading session, the stock had touched a high of Rs444 and a low of Rs412.35. Among other liquor stocks, Globus Spirits witnessed a maximum gain of 12.10% to close at Rs72.70, while Pincon Spirit advanced 9.99% to Rs47.90.

Besides, Empee Distilleries rose 3.68% higher followed by Som Distilleries & Breweries (3.39%), Pioneer Distilleries (2.68%), Winsome Breweries (2.44%), Khoday India (2.24%), Tilaknagar Industries (1.93%) and Radico Khaitan (1.85%).

According to media reports, the Supreme court on Wednesday clarified that the liquor ban on highways did not apply to licensed establishments falling within municipal areas.

The order to ban liquor outlets within 500 metres of national and state highways from April 1 was first issued on December 15, 2016.

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