Liquor stocks including GM Breweries, United Spirits and Globus Spirits were robust performers in Friday's trade, rallying up to 6 percent in intra-day deals.
GM Breweries advanced 6.3 percent, United Spirits rose 5.5 percent, Globus Spirits added 3.4 percent, and Radico Khaitan was up 3 percent.
Ahead of the budget, the commerce ministry had recommended restricting the purchase of tax-free alcohol to one bottle at duty-free shops as part of steps to reduce the import of non-essential goods. However, the government left the rules untouched.
Strong December-quarter results have helped the stocks stay positive. United Spirits reported a 35 percent increase in net profit for the quarter ended December, helped by premium portfolio, savings in operating costs and lower marketing reinvestment rate. The maker of McDowell whiskey and Romanov vodka posted a net profit of Rs 258.8 crore during the third quarter compared to Rs 192.4 crore a year ago.
Radico Khaitan also reported a 12.97 percent increase in its consolidated net profit for the quarter ended December at Rs 59.74 crore. During the third quarter of the fiscal year 2018-19, the company had reported a consolidated net profit of Rs 52.88 crore.
At 11:20 am, United Spirits was trading 4 percent higher, GM Breweries 2.2 percent, Globus Spirits 2 percent, and Radico Khaitan 1.7 percent. In comparison, the BSE Sensex was down 0.3 percent or 127 points at 41,178.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
