Alcohol stocks up on potential ban revision
Alcohol stocks are seeing gains in share price today on news that there could be revisions in the Supreme Court order banning liquor sale within 500 metres of national and state highways. United Spirits and United Breweries are trending up today on high volumes. The SC had said in December that any stores selling alcoholic beverages within 500 metres from the highways would have to be closed starting April 1. This has added to the woes for these companies, which were already reeling from demonetization, with consumer spending on alcohol not having returned to previous levels, and state level bans. Madhya Pradesh is only the latest state to introduce prohibition on liquor. Now, ET reports that the Supreme Court may announce modifications to its highway ban in the second week of July as affected hotels and clubs sought changes in its order. The exact nature of potential modifications is not yet known.11-05-2017