Liquor stocks rally; Globus Spirits zooms 20%, Radico Khaitan surges 10%

In the past two days, Franklin Strategic Emerging Markets Fund IV sold 799,000 shares, representing a 2.7 per cent stake, of Globus Spirits through a bulk deal on the National Stock Exchange

Shares of breweries and distilleries were on a roll, with Globus Spirits, Radico Khaitan and Associated Alcohols & Breweries hitting their respective highs. The stocks rallied up to 20 per cent on the BSE in intra-day trade on Thursday, in an otherwise weak market, on the back of strong earnings and expectation of rising demand for premium and high-price alcohol.

United Breweries, United Spirits, Pioneer Distilleries and Som Distilleries & Breweries were trading higher in the range of 1 per cent to 3 per cent. In comparison, the S&P BSE Sensex was down 0.66 per cent at 52,158 points at