India's Globus Spirits falls on rice supply disruption to make ethanol

Globus Spirits

25/07/2023 08:44

** Shares of Globus Spirits  GLOS.NS  fall as much as 5.53%,
steepest intraday pct decline in seven months
    ** The company that makes liquor, bulk alcohol and hand
sanitizer flags temporary supply disruption due to the
suspension of surplus rice supply for ethanol production by Food
Corporation of India (FCI)
    ** Says disruptions to last for 7-10 days at its plants in
West Bengal and Jharkhand; shifts its feedstock to alternative
raw materials like broken rice, maize
    ** Trading volume by 1 p.m. IST is 1.6x the 30-day avg
    ** GLOS up 31% so far in 2023, compared to 8.78% rise in
Nifty 50  .NSEI  index

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))