Shares of eight liquor companies rose by 3.25% to 14.58% at 14:45 IST on BSE after the Supreme Court today, 30 September 2016, reportedly dismissed BJP leader's plea seeking a complete ban on liquor across India.
Empee Distilleries (up 14.58%), Tilaknagar Industries (up 7.83%), G M Breweries (up 7.01%), Radico Khaitan (up 6.61%), United Spirits (up 6.17%), Pioneer Distilleries (up 5.95%), Associated Alcohols & Breweries (up 4.42%) and United Breweries (up 3.25%), edged higher. Khoday India was down 4.41%.
The S&P BSE Sensex was up 72.94 points, or 0.26% at 27,900.47.
According to reports, Bharatiya Janata Party (BJP) leader Ashwani Upadhaya had sought a complete ban on liquor across the nation. The Public Interest Litigation (PIL) filed by Upadhyay said the use of alcohol should be restricted to medical purposes and sale of liquor and intoxicating drinks and drugs must be prohibited completely or allowed with strict conditions. In his petition, Upadhyay also said that liquor is the root cause of most road accidents, road rages, crime against women, domestic violence, rape and murder and many other social evils, reports added.
However, a division bench of the Supreme Court, headed by Justice Arjan Kumar Sikri and also comprising Justice N. V. Ramanna, after finding no merit in his plea, dismissed it.
Meanwhile, the Patna High Court today, 30 September 2016, reportedly struck down Bihar government's controversial Prohibition of Liquor Act, terming it illegal. In April 2016, the Nitish Kumar government had imposed total prohibition on liquor in the state.
The Bihar Hotels and Bars Association had filed a petition before the High Court asking it to scrap the ban. Soon after the Bihar Excise (Amendment) Act, 2016 was passed in March, total prohibition was imposed in Bihar because of which consumption and selling of liquor in the state had become illegal, media reports suggested.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
