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Business Standard
2 days ago
- Business
- Business Standard
Sula Vineyards, GM Breweries soar as Maharashtra spares wine and beer from excise duty hike
Shares of Sula Vineyards jumped 13%, while GM Breweries soared 18%, after the Maharashtra government announced a sharp hike in state excise duties, excluding wine and beer from the increase. The state hiked excise duty on Indian-made foreign liquor (IMFL) by over 50%, a move that is expected to push retail prices up by more than 60%. Country liquor and imported premium liquor were not spared either, with their retail prices likely to rise by 14% and 25% respectively. However, in a major relief for consumers and certain manufacturers, beer and wine have been left out of the duty hike. Additionally, the government introduced a new category called Maharashtra-made liquor (MML), which will also enjoy exemption from the revised duties. The policy shift triggered strong buying in stocks with significant exposure to the beer and wine segment. Investors saw this as a positive for companies like Sula Vineyards and GM Breweries, both of which are headquartered in Maharashtra and stand to benefit from the tax break. GM Breweries is engaged in the activities of manufacturing and marketing of Alcoholic Beverages; such as Country Liquor (CL) and Indian made Foreign Liquor (IMFL). It is the largest manufacturer of country liquor in the state of Maharashtra with a sizeable market share. Sula Vineyards is principally engaged in the business of manufacture, purchase and sale of premium wine and other alcoholic beverages.
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Business Standard
2 days ago
- Business
- Business Standard
GM Breweries, Sula zoom upto 19% despite excise duty hike on liquor in Maha
GM Breweries, Sula Vineyards share prices rise today Share prices of GM Breweries and Sula Vineyards rallied up to 19 per cent on the BSE in Wednesday's intraday trade after the Maharashtra government announced a sharp hike in state excise duties on liquor, exempting wine and beer from the duty hike. Among individual stocks, GM Breweries shares zoomed 19 per cent to ₹849.30 on the BSE in the intraday trade amid heavy volumes. At 10:34 AM, the stock price of the smallcap liquor company was trading 17 per cent higher at ₹837.65 as compared to 0.16 per cent rise in the BSE Sensex. Average trading volume on the counter jumped multi-fold with nearly 1.85 million shares, cumulatively, changing hands on the NSE and BSE. Maharashtra state cabinet hikes excise duty on IMFL Maharashtra state cabinet, on Tuesday, approved to hike excise duty on Indian Made Foreign Liquor (IMFL), country liquor, and imported alcohol. According to reports, the excise duty on IMFL has been increased by 50 per cent from 3x of the manufacturing cost to 4.5x. The duty on country liquor has also gone up from ₹180 to ₹205 per proof litre. This is the first revision of excise duty in Maharashtra since 2011. However, in a major relief for consumers and certain manufacturers, beer and wine have been left out of the duty hike. The government also cleared the introduction of a new category 'Maharashtra Made Liquor' (MML) in a bid to expand the state's revenue base. The newly announced 'MML' category aims to fill the pricing gap between country liquor and IMFL. It will be made from grain-based alcohol, and only products manufactured and registered within the state will qualify. National or foreign brands will not be eligible for inclusion. MML will have a country liquor tax structure but will only be sold through liquor vending (FL-2) and on-premise sale (FL-3) licensees. GM Breweries is engaged in the manufacture of alcoholic liquor. Though the company has got the facility to blend and bottle both Indian made foreign liquor and country liquor, the concentration has been mainly on country liquor during this year due to competitive market conditions in the IMFL segment. The company has been making steady progress in the business of country liquor during the past years. The State Excise Department shows that the company contributes about 25 to 30 per cent of the total Excise duty for country liquor in the whole of Maharashtra. Sula Vineyards, on the other hand, is principally engaged in the business of manufacture, purchase and sale of premium wine and other alcoholic beverages. Liquor sector outlook in India Over the next few years, the Indian Alcoholic Beverage market is expected to grow at 6.9 per cent compounded annual growth rate (CAGR), in volume terms, from 1,068 million cases in CY 2023 to ~1,500 million cases in CY 2028. Key growth drivers are growing disposable incomes, increase in per capita alcohol consumption, rising number of women drinkers and cultural change, rising number of different alcohol brands and categories, expansion in distribution of alcohol across the country, especially in Tier 2 and below cities. Going forward, the Indian wine market is expected to grow at ~15 per cent CAGR over CY 2023- 2028 led by the increasing prosperity and disposable income, rapid urbanization, evolving consumer preferences and increase in number of working women and women drinkers, Sula said in its FY25 annual report.
Time of India
2 days ago
- Business
- Time of India
Sula Vineyards, GM Breweries shares jump up to 18%. What's making their brew stronger?
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Shares of Sula Vineyards and GM Breweries soared up to 18% on Tuesday, defying the broader sell-off in liquor stocks , as investors cheered Maharashtra's latest liquor policy shake-up that spared beer and wine from a steep excise duty hike Sula, which had been under pressure in recent months, jumped as much as 13% to Rs 335.45 on the BSE, while GM Breweries surged 16%. Meanwhile, industry giants United Spirits and Allied Blenders dropped up to 7% in reaction to the policy Maharashtra government raised the excise duty on Indian-made Foreign Liquor (IMFL) from three times to 4.5 times the declared manufacturing cost. But beer and wine were notably exempted from this hike, a move that sent investors rushing toward companies like Sula and GM Breweries, which stand to gain from their focus on those Breweries, in particular, caught the market's attention with expectations that it could benefit from the introduction of a new category: Maharashtra-made Liquor (MML). This grain-based spirit will be produced by local manufacturers, though it will require fresh registrations. GM, known for its strong country liquor portfolio, is expected to adapt quickly to this contrast, the policy dealt a blow to larger IMFL players, who are more exposed to the newly increased duty said beer, which has a lower alcohol content, was excluded from the hike as its retail price in Maharashtra is already among the highest in the country. As for wine, the state reaffirmed its long-standing support for the industry, citing its economic linkages: a majority of India's wineries and grape farmers are based in new excise structure has shaken up sentiment across the liquor sector, sharply dividing the winners from the losers. And for now, wine and country liquor players appear to be raising their glasses.
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Business Standard
2 days ago
- Business
- Business Standard
Stock Market LIVE Updates: Sensex, Nifty hold gains; Sula Vineyards, GM Breweries surge up to 18%
Sensex Today | Stock Market LIVE on Wednesday, June 11, 2025: Hero MotoCorp, Coal India, M&M, Reliance Industries, ONGC, Bajaj Auto, and JSW Steel were the top Nifty gainers 10:06 AM Stock Market LIVE Updates: Sula Vineyards share price zooms 13% Stock Market LIVE Updates: Nashik-based Sula Vineyards' share price was rising in trade today amid excise duty hike news. Sula Vine shares were up 12.6 per cent today, hitting an intraday high of ₹334.95 per share on the BSE, after the Maharashtra state government exempted wine from higher excise duties. Also, the state government has launched 'Maharashtra Made Liquor' category for the liquor being manufactured in the state. 9:45 AM Stock Market LIVE Updates: Reliance Industries shares at 3-week high Stock Market LIVE Updates: Reliance Industries shares are trading 1.7 per cent higher on the Sensex index today, quoting at three-week high. The stock hit an intraday high of ₹1,468 per share. RIL stock, meanwhile, hit a 52-week high of ₹1,609 on the BSE on July 8, 2024. 9:35 AM Stock Market LIVE Updates: GM Breweries share price sees sharp uptick Stock Market LIVE Updates: GM Breweries share price was rising in trade on Wednesday. The rise in GM Breweries stock came after the Maharashtra state government introduced a new 'Maharashtra-Made Liquor' (MML) category which is a grain-based alcohol, to be made only by local manufacturers. Notably, GM Breweries is a Mumbai-based company. Besides, the state government has exempted Beer from the higher excise duty as it has a lower alcohol content compared to hard liquor. 9:25 AM Stock Market LIVE Updates: Index heatmap check Stock Market LIVE Updates: Among the Sensex constituents, Eternal, M&M, Reliance Industries, Tata Motors and HCL Tech were the top gainers. Kotak Bank, Power Grid, HDFC Bank, IndusInd Bank, and Adani Ports were among the laggards. 9:24 AM Stock Market LIVE Updates: Broader markets open in green Stock Market LIVE Updates: In the broader markets, BSE Midcap was up by 0.31 per cent and BSE Smallcap was up 0.43 per cent. 9:23 AM Stock Market LIVE Updates: Sectoral indices show mixed trends Stock Market LIVE Updates: Among the sectoral indices, Nifty Auto and Oil & Gas were the top gainers, followed by IT, Media, Metal, Pharma and Realty. Among the laggards were Nifty FMCG, PSU Bank, Financial Services and Consumer Durables. 9:20 AM Stock Market LIVE Updates: Nifty50 opens below 25,150 9:17 AM Stock Market LIVE Updates: Sensex opens flat with positive bias 9:04 AM Stock Market LIVE Updates: Rupee opens higher Wednesday 8:58 AM Stock Market LIVE Updates: Pre-opening view Stock Market LIVE Updates: Pre-opening view -- The benchmark indices continued to experience narrow range activity. The Nifty ended one point higher, while the Sensex dropped by 50 points. Among the sectors, the IT, Defence, and Media indices gained over 1 per cent, whereas the Realty index was the biggest loser, declining by 1 per cent. -- Technically, the market has shown a narrow range pattern over the past two days. Key support levels for traders are 25,000 and 25,050, while the resistance zone for bulls lies at 25,150 and 25,200. We believe that as long as the market trades between 25,000 and 25,200, range-bound conditions are likely to persist. -- A successful breakout above 25,200 could push the market up to 25,400 and 25,500. Conversely, if the market falls below 25,000, selling pressure is expected to increase. Should it drop below this level, the market may retest the levels of 24,850 to 24,775. -- The strategy should be to take a long trade if it falls back to 24,850/24,800. Keep a stop loss at 24700 for the same. On the higher side, expect short covering above 25200, however, in that case we need to keep a stop loss at 25,000 for the same. However, a close below 25,000 would be negative in the short term. -- For Bank Nifty, it may consolidate before heading towards 58,000. Buying is advisable around 56,200-56,100 with a stop at 55,900. Views by: Shrikant Chouhan, head of equity research, Kotak Securities 8:54 AM Stock Market LIVE Updates: Pre-opening view Stock Market LIVE Updates: Pre-opening view -- Market is likely to continue in the consolidation range with a slight upward bias. A clear breakout above Nifty 25100 level, and sustaining above this level, will need sustained large buying. -- This can happen on positive news regarding a US-China trade deal. Reports of both countries reaching an agreement to implement the Geneva consensus are positive. China is playing their 'rare earth minerals card' effectively. -- How this trade deal between the two global economic giants develops remains to be seen. -- In the near-term the market will respond to news regarding the trade negotiations. If there is a clear agreement the market will respond positively and there is a high probability of Nifty breaking above 25100 and remaining above this level. -- Liquidity will support a mild rally. But a strong rally needs earnings support. There are no indications yet about a strong recovery in earnings. This will cap any short-term rally in the market. Views by: VK Vijayakumar, chief investment strategist, Geojit Investments
News18
2 days ago
- Business
- News18
Stock Market Updates: Sensex, Nifty Flat; United Spirits Slumps 6%, GM Breweries Jumps 13%
Last Updated: India-US trade talks, global cues, US-China negotiations, institutional flows, and US May inflation data are likely to guide the Sensex and Nifty today Sensex Today: India-US trade negotiations, upbeat global cues, US-China trade talks, institutional flows, and the release of US May inflation data are expected to influence the benchmark indices, Sensex and Nifty, today. At 8:45 AM, GIFT Nifty futures were trading 21 points higher at 25,181.5, indicating a flat to positive start for the domestic markets. Global Cues Asia-Pacific markets were trading higher on Wednesday as investors closely watched the ongoing US-China trade negotiations. US Commerce Secretary Howard Lutnick described the discussions as 'productive," with talks between officials from both countries entering a second day in London on Tuesday. Although US Treasury Secretary Scott Bessent has exited the talks, Commerce Secretary Lutnick and US Trade Representative Jamieson Greer are expected to continue the negotiations, which could extend into Wednesday if needed. In the region, Japan's Nikkei rose 0.33%, while the broader Topix index edged up 0.014%. South Korea's Kospi gained 0.56%, and Australia's AX200 was up 0.36%. Meanwhile, US stock futures remained steady during early Asian trading hours as investors awaited updates from the trade discussions and the upcoming US inflation data for May. Overnight in the US, equities extended their gains on optimism surrounding the trade negotiations. The Dow Jones Industrial Average rose 0.25%, the S&P 500 climbed 0.55%, and the Nasdaq gained 0.63%, marking a third straight session of gains for both the S&P 500 and Nasdaq. First Published: June 11, 2025, 09:10 IST News business » markets Stock Market Updates: Sensex, Nifty Flat; United Spirits Slumps 6%, GM Breweries Jumps 13%
