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Karnataka Budget 2017: VAT on alcohol abolished, stocks soar

Karnataka Budget 2017: VAT on alcohol abolished, stocks soar

Wednesday, March 15, 2017, 2:28 PM

In a positive news for liquor stocks, Karnataka Chief Minister Siddaramaiah abolished value added tax on wine, beer, wine and hard liquor in the state's budget. Stocks of United Breweries, United Spirits rose up to 2.75% while Radico Khaitan, Globus Spirits rose more than 4% in intra-day trade on Wednesday. Stocks of some companies such as United Spirits could see a re-rating said analysts.
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