Sula Vineyards Stock Price Up by More Than 8% Today After Maharshtra New Excise Policy Exempts Beer & Wine From Duty Hike

Mumbai, June 11, 2025:  Shares of Sula Vineyards Ltd and GM Breweries Ltd surged significantly on Tuesday following Maharashtra government’s announcement to exclude beer and wine from its recent excise duty hike aimed at raising state revenues.

Sula Vineyards Ltd shares surged by 8.94% to ₹323.55 as of 11:01 AM IST on June 11, 2025. The stock opened at ₹300.00 and reached a high of ₹335.90, with a low of ₹299.00 during the trading session. The company’s market capitalization stands at ₹2.73 thousand crore, with a price-to-earnings ratio of 38.89 and a dividend yield of 1.11%. Its 52-week price range spans from ₹243.00 to ₹528.10, and the latest quarterly dividend was ₹0.90 per share.

Meanwhile, G M Breweries Ltd shares jumped 17.41% to ₹842.00 as of 11:02 AM IST on June 11, 2025. The stock opened at ₹730.00 and touched a high of ₹848.40, with a low of ₹725.00 during the session. The company’s market cap is ₹1.92 thousand crore, supported by a price-to-earnings ratio of 14.91 and a dividend yield of 0.89%. Its 52-week trading range lies between ₹579.95 and ₹1,049.00, while the latest quarterly dividend declared was ₹1.87 per share.

Excise Duty Hike Exempts Beer and Wine in Maharashtra

The Maharashtra cabinet, under Chief Minister Devendra Fadnavis, approved an excise duty increase expected to generate around ₹14,000 crore annually for the state’s Excise Department. However, the government deliberately exempted beer and wine from this hike, easing pressure on businesses operating within this sector.

The revised excise duties impact both retail purchases and on-premise consumption at bars and restaurants, resulting in higher prices for most alcoholic beverages — with the exception of beer and wine. This selective exemption sparked strong investor enthusiasm for stocks related to these categories.

Robust Market Rally for GM Breweries and Sula Vineyards

GM Breweries Ltd (BSE: 507488 | NSE: GMBREW)

• Price: ₹816.30
• Change: +₹99.15 (+13.83%)
• Day Range: ₹725.00 – ₹825.65
• Market Cap: ₹1,868.88 crore
• Volume: 5.50 lakh shares
• VWAP: ₹803.49
• 52-Week Range: ₹579.95 – ₹1,049.00

GM Breweries surged nearly 14% intraday, opening at ₹730 and quickly climbing beyond ₹825 before stabilizing around ₹816.30 by 9:31 AM IST.

Sula Vineyards Ltd (NSE: SULA)

• Price: ₹323.25
• Change: +₹26.25 (+8.84%)
• Day Range: ₹299.00 – ₹323.50
• Market Cap: ₹2,728.54 crore
• Volume: 14.30 lakh shares
• VWAP: ₹315.46
• 52-Week Range: ₹243.00 – ₹528.10

Sula Vineyards also experienced strong buying momentum, rising over 8.8%. The stock opened at ₹300 and hit an intraday high of ₹323.50.

Strategic Impact on Beer and Wine Producers

This excise duty exemption provides a competitive edge for beer and wine manufacturers, allowing them to sustain pricing advantage amid rising liquor costs. Given Maharashtra’s importance as a major consumption market, this move is expected to bolster volume growth and profit margins for players in these segments throughout the fiscal year.

As trading continues, investors will be monitoring whether this policy measure drives a lasting revaluation of beer and wine stocks in the market.

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