Alcohol beverage stocks Radico Khaitan, USL, Som Distilleries, Tilaknagar Industries a mixed bag after Coca-Cola India forays into segment
Alcohol beverage stocks registered mixed moves on Monday after Coca-Cola India forayed into the alcohol segment.
Radico Khaitan, United Breweries, United Spirits, Sula Vineyards, Som Distilleries & Breweries, Tilaknagar Industries and Globus Spirits, and other alcohol beverage stocks were a mixed bag on Monday, after beverage maker Coca-Cola India's forayed into the alcohol segment. While Radico Khaitan shares finished the day 6.1 per cent stronger, the stocks of Sula Vineyards, Associated Alcohols & Breweries, United Breweries, United Spirits and GM Breweries rose 0.1-1.5 per cent. On the other hand, Tilaknagar Industries shares dropped 1.2 per cent, while the stocks of Globus Spirits and Som Distilleries & Beverages declined 0.9 per cent and 0.1 per cent, respectively.
"Coca-Cola is pilot testing select brands like Lemon-Dou from its global portfolio of low alcoholic ready-to-drink beverages in a few states in India. The preparation and distribution of these beverages is done separately in dedicated and independent facilities in India which are different from the facilities that prepare and distribute its non-alcoholic ready-to-drink (NARTD) beverages," the Coca-Cola India corporate spokesperson said.
Earlier, Zee Business had reported that Coca-Cola had entered the alcohol beverage segment in India with the testing of Lemon-Dou, a mix of Japanese liquor shochu and lemon, in Goa and Maharashtra. The company would manufacture Lemon-Dou in an independent facility in the country and the drink will be priced at Rs 230 for the 250 ml cans, according to the report.
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Coca-Cola India's current portfolio in the country includes drinks Coke, Sprite, Thumbs Up, Fanta, Maaza and Minute Maid.
Coca-Cola's Lemon Dou is already available in Japan, China and the Philippines.
Coca-Cola launched Lemon-Dou in Japan in 2018. Lemon-Dou was also the company’s first entry in the alcohol beverage market since the late 1970s, when Coca‑Cola owned a winemaker in California.
Earlier, Coca-Cola raised its full-year revenue forecast after staging a stronger-than-expected financial performance for the fiscal third quarter.
Coke now expects its organic revenue to rise 10-11 per cent for the year, instead of its earlier guidance of 8-9 per cent growth.
It expects its earnings, adjusted for currency variations, to increase 13-14 per cent for the year, instead of the 9-11 per cent previously.
Its net revenue for the three-month period came in at $11.91 billion while adjusted earnings stood at 74 cents per share, both better than analysts' estimates.
With inputs from agencies