Jubilant Industries on Tuesday surged by more than 9% during Tuesday's trading session after the company's stock clocked an all-time high of Rs218.70 per piece on Sensex in early deals. Investors bullish sentiment comes after when Jubilant announced to transfer portable liquor license.
Jubilant in its regulatory filing on Monday said, "We wish to inform that the Company has executed an “Agreement to Sell” for transfer of portable liquor license of the Company for manufacturing of Indian Made Foreign Liquor (“License”), i.e. November 23, 2020 (“Agreement to Sell”). The transfer of the License is subject to certain conditions as set out in the Agreement to Sell. Consequent to the transfer of the License, the Company shall no longer be manufacturing Indian Made Foreign Liquor."
With the transfer of the License, Jubilant will no longer be manufacturing Indian Made Foreign Liquor.
The company's portable liquor license is valid till March 31, 2021.
At around 1.33 pm, Jubilant was trading at Rs213.55 per piece up 6.62% on Sensex.