Liquor Stocks Rally After Delhi Government Reduces Legal Drinking Age
Shares of alcoholic beverage makers rallied on Tuesday a day after the Delhi Government reduced the legal age for drinking to 21 years from 25 years raising hopes of higher demand for alcoholic beverages going ahead, analysts said. Shares of the country's largest alcoholic beverages maker United Spirits rose as much as 2.79 per cent to hit an intraday high of Rs 558, Radico Khaitan, maker of Magic Moments brand of vodka, rose as much as 6.68 per cent to Rs 566.7, Globus Spirits rose 7 per cent, GM Breweries advanced 8 per cent and United Breweries, maker of Kingfisher beer, advanced 1.5 per cent.
The legal age for drinking in Delhi has been brought down from 25 to 21, Deputy Chief Minister Manish Sisodia informed on Monday. Announcing a new liquor policy, he said the Delhi government is expecting a hike of at least 20 percent in its annual excise revenue with the reforms.
Mr Sisodia said the Delhi government will not run liquor stores. He also announced that no new liquor shops will be opened in the national capital.
"The new excise policy was approved by the Cabinet today on the basis of the recommendations of the Group of Ministers. It was decided that no new liquor shops will be opened in the national capital and the government will not run any liquor shops. At present, 60 per cent liquor shops in Delhi are run by the government," Mr Sisodia said at a press conference.
According to the new rules, the minimum permissible area for a liquor store should be 500 square-foot. The main gate of such stores must not face the road.
The liquor stores must be constructed in line with the international standards. Store owners will have to ensure that no public drinking takes place near their shops.
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