Globus Spirits shares surge 4% as liquor rates rise in Rajasthan

Globus Spirits shares gained nearly 5 percent on Monday after an upward revision of selling rates of country liquor in Rajasthan.

At 10:54 am, the share was quoting at Rs 143.50 on the National Stock Exchange, rising 3.27 percent. In comparison, the Nifty50 was up 73.40 points, trading at 11,944.05.

The stock opened at Rs 140.95 against Friday’s closing of Rs 138.95 while 1,80,685 shares changed hands.

In an exchange filing, Globus Spirits informed that there has been "an upward revision in selling rates of country liquor in the state of Rajasthan by Rajasthan State Ganganagar Sugar Mills Limited".

After this revision, Globus Spirits will gain from an average increase of Rs 35 per case in the sales of country liquor, the company reported. Additionally, the filing said that Globus Spirits has a share of 30 percent in Rajasthan's country liquor market.

The share price declined by 22.8 percent in the last nine months.

Meanwhile, other liquor stocks also surged post the announcement with United Breweries Limited rising 2.78 percent and United Spirits gaining 2.32 percent.