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Nirmal Bang Report
Our channel checks on alcohol-beverage demand in Western and Eastern India indicate that the last 15 days of December 2023 saw largely healthy YoY and sequential improvement in demand.
While the sample size of our channel checks was limited, the trend in Alco-Bev demand seems to be relatively positive relative to most other consumption categories.
We have a ‘Buy' rating on United Breweries Ltd. and an ‘Accumulate' rating on United Spirits Ltd.
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