Latest news with #MaharashtraMadeLiquor
NDTV
2 days ago
- Business
- NDTV
Maharashtra Hikes Liquor Duty Amid Challenge To Sustain Ladki Bahin Scheme
Mumbai: Amid the challenge to sustain its flagship Ladki Bahin scheme, the Maharashtra government has increased the excise duty on liquor. The move will help the Chief Minister Devendra Fadnavis-led government generate Rs 14,000 crore annually. The hike will be on the Indian Made Foreign Liquor (IMFL), country liquor and imported alcohol. A new category, Maharashtra Made Liquor (MML), has also been approved by the Cabinet. The prices of the IMFL and premium foreign liquor brands are also likely to increase by 50 per cent. The excise duty on IMFL has been increased nearly five times the manufacturing cost, specifically affecting products with a manufacturing cost of Rs 260 per bulk litre. The duty on country liquor has also gone up from Rs 180 to Rs 205 per proof litre. The state government, which had promised to increase the funds under the Ladki Bahin scheme, is struggling to sustain its flagship scheme amid the financial burden. Under the Mukhyamantri Majhi Ladki Bahin Yojana, a monthly assistance of Rs 1,500 is given to eligible women in the state. Deputy Chief Minister and Finance Minister Ajit Pawar has said that the increment will be implemented as the government gets financially stable. Opposition, however, continues to target the ruling Mahayuti alliance, which comprises the BJP, Eknath Shinde-led Shiv Sena, and the Ajit Pawar-led NCP, for not fulfilling the election promise and the delay in disbursement of instalments. The scheme had turned out to be the game changer in the 2024 Maharashtra assembly elections, in which the Mahayuti registered a landslide victory. More than 2.5 crores women have enrolled in the scheme, but the verification after the elections led to the removal of over 9 lakhs beneficiaries. During a recent verification by the Women and Child Development Department, which implements the scheme, it was found that 2,289 government employees were taking the benefit. Their names were then removed. The flagship scheme had also created a rift in the government over the issue of fund diversion. Sanjay Shirsat, the Minister of Social Justice Department from Shiv Sena, had openly criticised the Finance department for diverting funds of his department to pay the instalments of the scheme.
News18
3 days ago
- Business
- News18
States That Sell Cheap Liquor vs Expensive: Exploring Options As Alcohol Prices Rise In Maharashtra
Under the new policy, excise duty on Indian Made Foreign Liquor (IMFL) has been increased in Maharashtra. The Maharashtra government has introduced a new liquor policy featuring significant hikes in excise duties, aiming to generate an additional ₹14,000 crore in annual revenue. As part of the revised policy, the excise duty on Indian Made Foreign Liquor (IMFL) has increased from three times the manufacturing cost to 4.5 times, capped at ₹260 per bulk litre. Meanwhile, the duty on country liquor has gone up from ₹180 to ₹205 per proof litre. As a result of the revised excise duties, liquor prices across Maharashtra are set to rise significantly. A 180 ml bottle of country liquor will now cost at least ₹80, up from the earlier range of ₹60 to ₹70. Indian Made Foreign Liquor (IMFL) will be priced at ₹205, marking a sharp jump from the previous range of ₹115 to ₹130. Premium foreign liquor will also see a steep hike, with prices expected to reach ₹360, up from ₹210 earlier. The government has also launched a new category called Maharashtra Made Liquor (MML). This includes grain-based spirits made only by local manufacturers. The goal is to encourage regional production. States Where You Can Get Cheap Liquor According to the International Spirits and Wine Association of India, Goa continues to be the most affordable state for alcohol, largely due to its modest 49% liquor tax. Delhi follows with a 62% tax, while Haryana levies just 47%. However, despite Haryana's lower tax rate, liquor prices there are often higher than in Goa due to elevated maximum retail prices (MRPs). A similar situation plays out in Delhi, where, even with a higher tax rate, alcohol remains more affordable than in several other Indian states. Among other states, Karnataka currently has the highest liquor tax in the country at 83 per cent, which makes it the most expensive place to buy alcohol. Rajasthan follows with a 69 per cent tax. Telangana imposes a tax of 68 per cent and Uttar Pradesh 66 per cent. According to a study by the National Institute of Public Finance and Policy (NIPFP), Telangana leads all Indian states in alcohol spending, with an average annual per capita expenditure of ₹1,623 on alcoholic beverages. Andhra Pradesh ranks second, with individuals spending an average of ₹1,306 per year, followed closely by Punjab, where the per capita liquor spend stands at ₹1,245. This spending metric is derived by dividing a state's total alcohol expenditure by its population, offering a clear picture of average consumption habits. No Liquor In Bihar, Gujarat: How Successful Is The Ban Bihar and Gujarat are the two Indian states where the sale and consumption of alcohol are completely prohibited. Gujarat has upheld this ban since May 1, 1960, while Bihar implemented its liquor prohibition in 2016. The primary objective behind these bans was to curb the social harms linked to alcohol, such as domestic violence, family disputes, and financial strain on households. Policymakers believed that reducing access to alcohol would enhance community well-being, especially for women and low-income families. Supporters of the bans argue that they have helped lower alcohol-related health issues and encouraged families to redirect spending toward food, education, and healthcare. However, the bans have also presented significant challenges. A thriving black market has emerged, with bootlegging operations selling alcohol at inflated prices. This has given rise to illegal drinking spots and made enforcement more difficult. An even more serious consequence is the spread of spurious liquor, which has led to fatal hooch tragedies in both states, highlighting the public health risks associated with unregulated alcohol.
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Business Standard
4 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
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Business Standard
4 days ago
- Business
- Business Standard
UBL to Radico Khaitan: Alcohol stocks decline after excise duty hike report
Shares of Indian alcohol beverage makers plunged in Wednesday's trade on reports that the Maharashtra government approved a hike in excise duty. Allied Blenders & Distillers shares fell as much as 6.2 per cent while United Spirits tumbled 6.19 per cent during market opening. Shares of Radico Khaitan and United Breweries fell 3.04 per cent and 1.55 per cent, respectively. Tilaknagar Industries shares were lower by 1.92 per cent. As of 10:00 AM, Allied Blenders shares were down 2.55 per cent and United Spirits was lower by 6 per cent, compared to a 0.13 per cent rise in the benchmark Nifty50. Track LIVE Stock Market Updates Here Maharashtra hikes excise duty on IMFL The government of Maharashtra approved a hike in excise duty on Indian Made Foreign Liquor (IMFL), country liquor, and imported alcohol, according to a report by The Indian Express. To expand the state's revenue base, the government also cleared the introduction of a new category, Maharashtra Made Liquor (MML). The tax on India-made foreign liquor have increased by 50 per cent from three times the manufacturing cost to 4.5 times. The duty on country liquor has also gone up from ₹180 to ₹205 per proof litre. Maharashtra, the home of India's financial centre, Mumbai, is one of the biggest markets for alcohol. The state consumes about 10 per cent of IMFL volumes of India and is likely to be around 20 per cent for United Spirits, according to reports. Maharashtra Made Liquor introduced The newly announced Maharashtra Made Liquor (MML) category aims to fill the pricing gap between country liquor and IMFL, the report said. This will be made from grain-based alcohol, and only products manufactured and registered within the state will qualify for this category. MML will have a country liquor tax structure, but will only be sold through FL-2 and FL-3 licensees. This could potentially generate up to ₹3,000 crore in additional revenue. Alcohol companies' Q4 results Radico Khaitan reported higher fourth-quarter profit on Tuesday, driven by strong demand for premium products. It reported a 71 per cent rise in consolidated net profit at ₹92 crore for the three months ended March 31. Radico's sales from its premium brands, which contributed to 63 per cent of overall revenue, increased 22 per cent in the quarter. United Breweries Ltd on Wednesday reported a 19.87 per cent rise in its consolidated net profit to ₹97.76 crore in the January-March quarter. Meanwhile, Allied Blenders and Distillers' consolidated net revenue grew 20 per cent year-on-year (Y-o-Y) to ₹920.6 crore in the March 2025 quarter (Q4FY25), driven by 20.8 per cent volume growth to 8.5 million cases.
Mint
4 days ago
- Business
- Mint
Liquor stocks plunge up to 5% as Maharashtra govt hikes excise duty on IMFL
Liquor stocks, including Allied Blenders, United Spirits, and Radico Khaitan, came under sharp selling pressure right from the opening bell on Wednesday, June 11, falling up to 5% as investor sentiment turned bearish after the Maharashtra government approved revenue-boosting changes in the excise policy, including a hike in excise duty on Indian Made Foreign Liquor (IMFL) and the introduction of a new category, Maharashtra Made Liquor (MML).
