- Nifty breaches key support level on Friday – Will market continue to see correction in upcoming week? Know what analysts say
- Prime Minister Narendra Modi to officially roll out 5G services in India on October 1
- Rupee ‘held back very well’ among peers against USD; RBI & Finance Ministry watching developments, says Sitharaman
- S Jaishankar at UNGA: India on side of those respecting UN Charter and its founding principles
- BPCL signs pact with Brazil's Petrobras to diversify crude oil sourcing
Nitish Kumar promises ban on alcohol but investors remain unfazed
Shares of the alcohol beverage sector were trading with little change on Monday post comments from the government about a nationwide alcohol ban.
- CM Nitish Kumar has called for a nationwide ban on alcohol.
- Alcohol beverages sector were trading 0.56% up on BSE Sensex.
- Market cap of the industry on BSE and NSE was nearing Rs 90,000 crore.
Despite Bihar Chief Minister, Nitish Kumar pitching a nationwide ban on alcohol, investors in the alcoholic beverages on key equity indices remained unfazed on Monday.
Shares of alcohol manufacturing companies were little changed with the sector trading 0.56% up on BSE and 0.61% up on NSE.
Alcoholic beverages share price on NSE at 1500 hours:
Alcoholic beverages share price on BSE at 1500 hours:
The biggest loser on both indices was Radico Khaitan that was trading 6.38% down to Rs 269.15 apiece on BSE Sensex and 6.51% down at Rs 269.20 per share on NSE at 1500 hours.
While the biggest gainer on BSE Sensex was Associated Alcohols and Breweries Ltd who climbed 4.49% to trade at Rs 239.80 per share.
Aurangabad Distillery was up 4.99% on NSE at Rs 34.70 apiece at 1500 hours.
Market cap of alcoholic beverage companies on BSE and NSE on Monday stood at Rs 86,802.15 crore and Rs 84,540.03 crore respectively.
CM Kumar has pitched for this ban to commence post the 2019 General Elections in India.
"When Gujarat could implement liquor ban, Bihar could show that it could also be banned in the state, why it cannot be banned in the entire country?" Kumar was quoted in a PTI report addressing a party event.
Prime Minister Narendra Modi has also raised concern over ‘growing alcoholism’ in the country in his speech in early October.
"I am sharing this concern with you as someone who has grown among your midst and not as the prime minister. Considering your contribution to social causes in the past I shall appeal to you to stop the younger generation from going astray,” the prime minister said.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.