Andhra Pradesh Chief Minister N Chandrababu Naidu is considering changes to the state's excise policy.
On Thursday, the Indian stock market felt the effects of a significant decline in the global markets. By the market's close, the Sensex had dropped 109 points to 80,039, while the Nifty fell by 7 points to close at 24,406. Bank Nifty also witnessed a sharp drop, falling 428 points to end at 50,888. However, amid this overall decline, shares of alcohol companies showed remarkable growth.
The surge in alcohol stocks was influenced by a recent report. Shares of companies like Tilaknagar Industries Limited, United Spirits Limited, United Breweries Limited (UBL) and Radico Khaitan Limited rose by up to 8%. Tilaknagar Industries saw its shares climb 8.48% to reach Rs 262, United Spirits increased by 4.62% to Rs 1,449.45, United Breweries went up by 2.41% and Radico Khaitan rose by 1.29% to Rs 1,742.75.
According to an Informist-sourced report, Andhra Pradesh Chief Minister N Chandrababu Naidu is considering changes to the state's excise policy. He announced that a new policy would soon be introduced, revising purchase processes, pricing, and quality standards. This policy might allow for the import of liquor from both local and external brands. The anticipation of this announcement led to a significant surge in the shares of alcohol companies.
The report also mentioned that state government officials have already initiated discussions with popular distilleries and breweries to begin supplies. CM Naidu presented a white paper on issues related to the excise department, alcohol procurement, and pricing in the state assembly.
Radico Khaitan's shares have provided substantial returns to investors over the past few years. On January 20, 2003, its shares were priced at Rs 7.62 each, but they have now soared to Rs 1,742. During this period, Radico Khaitan has delivered a return of 22,760.89%. The stock's 52-week high is Rs 1,885.10, and the low is Rs 1,141.25 per share. Over five years, it has given a return of 474%, and in the past year alone, it has delivered a 25% return.
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