UBL

** Shares of United Breweries UBBW.NS rise as much as 2.79% to 1847.9 rupees

** J.P.Morgan reiterates "overweight" rating; cites sustained premiumisation, category development, distribution enhancement and supply chain initiatives to support earnings in a challenging period

** Says, above-average monsoon rains doused sales of summer products such as beer this quarter, but volumes should recover in the second half of fiscal 2026

** Price hikes in several states, better bottle return and recycled glass use, and stable barley costs bode well for margin expansion - brokerage

** Adds, UBBW shares corrected 10% over the past two months, offering a good entry opportunity

** The average rating of 18 analysts tracking UBBW is "hold", median PT is 2,018.50 rupees - data compiled by LSEG

** UBBW shares are down 12% in 2025 so far, lagging the 0.5% drop in FMCG index .NIFTYFMCG, exchange data shows

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

Adds new quotes

Sept 4 (Reuters) - India late on Wednesday announced tax cuts on hundreds of consumer items ranging from soaps to small cars to spur domestic demand, and simplified its complicated goods and services tax structure to two rate slabs from four, with some exceptions for luxury and "sin" goods.

The benchmark BSE Sensex .BSESN and Nifty 50 .NSEI rose as much 1.1% on Thursday. By 11:55 IST, they pared some gains and were up about 0.5% each.

Here is how the industry has reacted:

ANISH SHAH, GROUP CEO & MD, MAHINDRA GROUP

"The next-generation GST reforms... mark a defining moment in India's journey towards building a simpler, fairer and more inclusive tax system.

"At Mahindra, we view these reforms as transformative. They simplify compliance, expand affordability, and energise consumption, while enabling industry to invest with greater confidence."

SAURABH AGARWAL, PARTNER & AUTOMOTIVE TAX LEADER, EY INDIA

"The rationalization of GST rates on automotive vehicles and parts is a truly welcome and significant development. By making vehicles more affordable across all segments, this move will not only boost consumer spending but also simplify complex classification disputes that have long burdened the industry."

SAMIR SHAH, EXECUTIVE DIRECTOR & CFO, HDFC ERGO GENERAL INSURANCE COMPANY

"The GST Council decision to exempt individual health insurance from GST is a welcome development. This move aligns perfectly with the broader ambition of the regulator of 'Insurance for All by 2047,' providing a tangible step forward in that direction.

NILESH SHAH, MANAGING DIRECTOR, KOTAK MAHINDRA ASSET MANAGEMENT CO

"The GST announcement lowers inflation, increases growth, boosts consumer sentiment, doesn't disturb the path of fiscal consolidation, improves ease of doing business and partially offers adverse effects of tariffs."

SHAILESH CHANDRA, PRESIDENT, SOCIETY OF INDIAN AUTOMOBILE MANUFACTURES

"This timely move is set to bring renewed cheer to consumers and inject fresh momentum into the Indian automotive sector... these announcements will significantly benefit first-time buyers and middle-income families, enabling broader access to personal mobility."

C S VIGNESHWAR, PRESIDENT, FEDERATION OF AUTOMOBILE DEALERS ASSOCIATIONS

"This is a decisive step that will boost affordability, spur demand, and make India's mobility ecosystem stronger and more inclusive.

"One area that may need earliest clarification is about levy and treatment of cess balances currently lying in dealers' books, so that there is no ambiguity during transition."

SANJEEV ASTHANA, CEO, PATANJALI FOODS LIMITED

"At Patanjali Foods, we are fully committed to passing on these benefits to our consumers. This initiative will not only enhance FMCG penetration across urban and rural India but also act as a catalyst for broader economic revival... categories such as ghee, soaps, biscuits, noodles, honey, and chyawanprash will benefit from this reduction."

RADHIKA RAO, SENIOR ECONOMIST AT DBS BANK

"Lower GST rates will be positive for growth in the second half of the year and FY27, besides improving operational efficiency and expanding the size of the formal economy."

SHRIPAL SHAH, MD & CEO, KOTAK SECURITIES

"The GST rate cuts ... should directly boost demand, help traders and businesses see higher volumes, and may even favourably impact next quarter's earnings... The key will be how quickly companies pass on the benefits to customers."

DEVARSH VAKIL, HEAD OF PRIME RESEARCH, HDFC SECURITIES

"The GST reforms represent a paradigm shift toward economic rationality... Combined with RBI rate cuts, FY26 income tax rebates and moderating inflation, these reforms create multiple stimuli for consumption and economic growth."

SUDARSHAN VENU, CHAIRMAN, TVS MOTOR COMPANY

"It's a welcome move as it will help two wheelers become more accessible and also help those looking to upgrade."

NEERAJ AKHOURY, PRESIDENT, CEMENT MANUFACTURERS' ASSOCIATION AND MANAGING DIRECTOR, SHREE CEMENT

"Bringing GST down to 18% corrects a long-standing anomaly, aligns cement with other core building materials and enhances global competitiveness."

NITIN RAO, CEO, INCRED WEALTH

" (I am ) positive this will play out, though a small concern remains where recent measures like the rate cuts and budgetary measures taken on reduced taxes have not created the necessary consumption boosters."

RAHUL SINGH, CIO-EQUITIES, TATA ASSET MANAGEMENT

"The GST rate rationalisation, following the income tax cuts and lower interest rates, is a serious effort to boost consumption and hence the overall economic growth outlook.

"While the direct beneficiaries include consumer, autos, cement, healthcare and insurance sectors, the second order beneficiaries in terms of growth will be retail banks & NBFCs."

RAJNEESH KUMAR, CHIEF CORPORATE AFFAIRS OFFICER, FLIPKART GROUP

"By lowering input costs for farmers, simplifying compliance for MSMEs and enabling small sellers, artisans/weavers and smallholder farmers to seamlessly join e-commerce across states, these reforms will further strengthen India's growth engine."

SHEETAL ARORA, CEO, MANKIND PHARMA

"By removing GST on lifesaving rare-disease and oncology therapies and reducing it on essential medicines and diagnostics, the government has signalled that affordability and innovation can go hand in hand."

AMIT PAITHANKAR, CEO OF WAAREE ENERGIES

"The reduction will lower project costs and accelerate the capacity addition needed to meet India’s clean energy targets."

ARNAB BANERJEE, MD & CEO, CEAT

"By addressing a long-standing demand of the industry, the Council has not only provided a boost to the automotive ecosystem but also created room for greater formalisation, compliance, and sustainable growth in the sector."

SHENU AGARWAL, MD & CEO, ASHOK LEYLAND

"The specific relief for the commercial vehicle industry is especially welcome. On one hand, it will spur freight traffic, and on the other, it will bring down the cost of buses and trucks."

AASIF MALBARI, CHIEF FINANCIAL OFFICER, GODREJ CONSUMER PRODUCTS LTD

"This is a positive trigger for demand and a strong driver of volume growth. This move will ultimately contribute to overall economic momentum. We are fully committed to ensuring that the GST rates reduction benefits are passed on to consumers."

VENKATRAM MAMILLAPALLE, MANAGING DIRECTOR, RENAULT INDIA

"We believe the reform will accelerate rural and urban demand alike, boost manufacturing and contribute strongly to India's economic momentum."

UNSOO KIM, MANAGING DIRECTOR, HYUNDAI MOTOR INDIA

"The GST overhaul will directly benefit the automotive sector. The announced reforms align seamlessly with the government's commitment to Viksit Bharat and the Make in India initiative, encouraging domestic manufacturing and boosting demand across both urban and rural markets."

(Reporting by Chandini Monnappa, Bharath Rajeswaran, Manvi Pant, Kashish Tandon, Meenakshi Maidas, Nandan Mandayam, Yagnoseni Das, Vivek Kumar M and Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee)

(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

** Kingfisher beer maker United Breweries UBBW.NS climbs 1.9% to 2,075.1 rupees in early trade

** Co reported a 6% on-year rise in first-quarter profit at 1.84 billion rupees ($21.3 million), helped by lower excise duty costs and strong demand for premium beers

** Stock rated "hold" on avg, while rival United Spirits UNSP.NS rated "buy" - data compiled by LSEG

** Year-to-date, UBBW up 1.8%, UNSP down 17%

($1 = 86.3940 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

July 22 (Reuters) - United Breweries Ltd UBBW.NS:

• Q1 PROFIT 1.84 BILLION RUPEES

• Q1 REVENUE FROM OPERATIONS 53.79 BILLION RUPEES

Source text: ID:nBSEZdk7m

Further company coverage: UBBW.NS

(([email protected];;))

June 2 (Reuters) - United Breweries Ltd UBBW.NS:

• UNITED BREWERIES LTD - CLOSURE OF OPERATIONS OF MANGALORE BREWERY

• UNITED BREWERIES - CLOSURE OF MANGALORE BREWERY WILL NOT IMPACT BUSINESS PERFORMANCE IN STATE

Further company coverage: UBBW.NS

(([email protected];))

May 7 (Reuters) - United Breweries UBBW.NS, the largest beer seller in India, reported a 20.5% increase in quarterly profit on Wednesday, lifted by solid demand for higher-priced beers and lower excise duty costs.

The Kingfisher beer maker's standalone profit rose to 973.8 million rupees ($11.50 million) in the fourth quarter ended March 31, from 808.4 million rupees an year earlier.

United Breweries, majority-owned by Netherlands-based Heineken HEIN.AS, reported a 7.6% decline in revenue after it briefly stopped supply to India's top beer consuming state, Telangana. Still, volumes were up 5% in the quarter, with those of premium beers jumping 24%.

Total expenses dropped 8.6%, led by a 21% decline in excise duty.

KEY CONTEXT

Indians with more means are shrugging off high cost of living to spend on indulgences from Nestle's NEST.NS pricier chocolates to costlier beers sold by United Breweries, Anheuser-Busch InBev's ABI.BR Budweiser and Carlsberg CARLb.CO.

In the reported quarter, however, United Breweries was at odds with Telangana over delayed payments and a lack of government approval for price increases since 2019/20.

PEER COMPARISON

* The mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

JANUARY TO MARCH STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 84.6510 Indian rupees

($1 = 84.6660 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai and Nandan Mandayam in Bengaluru; Editing by Shailesh Kuber)

(([email protected]; +91 867-525-3569;))

April 3 (Reuters) - United Breweries Ltd UBBW.NS:

• UNITED BREWERIES LTD - LAUNCHES AMSTEL GRANDE IN UTTAR PRADESH

Source text: ID:nBSE6bbS8W

Further company coverage: UBBW.NS

(([email protected];))

Feb 14 (Reuters) - United Breweries UBBW.NS may raise beer prices further in India's Telangana, a top official said, days after the country's largest beer-consuming state permitted brands to do so for the first time in five years.

The southern Indian state's decision on Tuesday came as a much-needed reprieve for the company, which had briefly halted its supply to the state.

The Kingfisher beer maker, majority-owned by Dutch liquor giant Heineken HEIN.AS, had earlier this year said it was facing delayed payments and a lack of government approval for price increases for about five years.

The company has a 70% market share in Telangana and brings in 15% to 20% of its revenue from the state, where it is currently not profitable.

United Breweries is "not fully out of the red" in Telangana, CEO Vivek Gupta said on an earnings call, adding that the company expects another price increase in the state in the "very, very near foreseeable future".

Separately, United Breweries also said beer sales in January was weak, partly due to the supply halt in Telangana, even as it added sales had rebounded in February. It did not directly quantify the impact of the supply halt.

On Thursday, United Breweries reported a 25% fall in its quarterly profit, as inflation-wary consumers cut back on spending on its cheaper beers in a few states including West Bengal and Tamil Nadu.

(Reporting by Ashna Teresa Britto in Bengaluru and Praveen Paramasivam in Chennai; Editing by Leroy Leo)

(([email protected];))

Feb 13 (Reuters) - United Breweries Ltd UBBW.NS:

• UNITED BREWERIES Q3 PROFIT 382.6 MILLION RUPEES

• UNITED BREWERIES Q3 REVENUE FROM OPERATIONS 44.25 BILLION RUPEES

Source text: ID:nBSEYXsJ4

Further company coverage: UBBW.NS

(([email protected];;))

HYDERABAD, India, Feb 11 (Reuters) - India's Telangana state has allowed beer prices to be increased from Tuesday and has directed that all existing stock to be sold at the revised rates, according to a government order.

Heineken's HEIN.AS Indian unit United Breweries UBBW.NS had last month halted supply briefly over pricing and non-payment of dues by the state government.

(Reporting by Rishika Sadam and Tanvi Mehta; Editing by YP Rajesh)

(([email protected]; https://twitter.com/TanviMehta710;))

Jan 20 (Reuters) - Heineken's HEIN.AS Indian unit United Breweries UBBW.NS said on Monday it would resume beer supplies to India's Telangana state, in an interim decision, weeks after it said it would halt supply over pricing and non-payment of dues by the state government.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Eileen Soreng)

(([email protected]; Mobile: +91 9591011727;))

Jan 17 (Reuters) - United Breweries Ltd UBBW.NS:

• UNITED BREWERIES - LAUNCHES NEW BEERS, AVAILABLE IN DAMAN AND GOA FROM JAN 17

Source text: ID:nBSE8slfzH

Further company coverage: UBBW.NS

(([email protected];;))

By Rishika Sadam and Aditya Kalra

HYDERABAD, Jan 13 (Reuters) - India's biggest beer-consuming state is rationing supplies of Kingfisher, one of the country's most popular brands, after Heineken-controlled HEIN.AS United Breweries UBBW.NS last week suspended its sales in a dispute over prices.

States in India, the world's eighth-biggest alcohol market by volume, individually regulate pricing of alcohol products, which are major contributors to their tax revenue.

Alcohol is bought by the state government and then supplied to shops in Telangana, where officials are rationing supplies to deter hoarding and tackle shortages, three retailers said.

"Today we got a notification from our depot that there is no Kingfisher beer stock anymore," Madhusudhan Rao, a liquor store owner in Hyderabad city, told Reuters on Monday.

United Breweries, which brews the popular Kingfisher brand, last week cited delayed payments and a lack of government approval for higher prices since 2019/20, which had damaged its finances, for halting sales to Telangana.

The move is the latest sign of stress in India's $45 billion alcohol market, with companies including Diageo DGE.L, Pernod Ricard, AB InBev ABI.BR and Carlsberg CARLb.CO together demanding some $466 million in unpaid dues.

They are also battling regulatory challenges including antitrust investigations.

Telangana state said last week that United Breweries had suspended supplies as a "tactic" to press for price increases and a panel was deciding on such requests.

Officials in Telangana, where some depots are running out of beer, did not respond to a request for comment on Monday.

Another liquor store owner in Hyderabad, Purushottam, said some outlets had 10 days of Kingfisher beer stock remaining, while others only enough for two days.

Outlets and depots in Telangana will only have stock of United Breweries products for around two weeks, an industry source with direct knowledge of the matter said.

United Breweries, the country's biggest beer company, accounts for 70% of the state's beer market, where 60 million 12-bottle cases are sold each year.

The Brewers Association of India said that the beer prices companies charge in Telangana are around 300 rupees per case, whereas in Maharashtra they get around 500 rupees a case.

It said that states taxes and retailer margins on top of these lead to a consumer price which is five to six times higher in most Indian states.

(Writing by Indranil Sarkar; Editing by Alexander Smith)

(([email protected]; Mobile: +91 7022132226;))

Jan 9 (Reuters) - Heineken NV HEIN.AS:

• CONSISTENTLY COMMUNICATED DELAYED PRICE REVISIONS IN MEETINGS WITH TELANGANA STATE OVER LAST ONE YEAR

• REMAIN OPTIMISTIC THAT OFFICIALS WILL TAKE PROMPT AND NECESSARY ACTIONS TO ADDRESS OUR CONCERNS

• BEER PRICE REVISION IN TELANGANA ESSENTIAL TO OFFSET OPERATING COSTS, ENSURE SUSTAINABILITY OF OPERATIONS MOVING FORWARD

• WE ALONG WITH INDUSTRY CURRENTLY BURDENED BY SIGNIFICANT OVERDUE PAYMENTS FROM TELANGANA

Further company coverage: UBBW.NSHEIN.AS

(([email protected];))

Jan 8 (Reuters) - Anheuser-Busch Inbev SA ABI.BR:

• INDIA'S TELANGANA STATE MINISTER: UNITED BREWERIES HAD ASKED FOR A 33.10% PRICE HIKE ON THEIR BEER

• INDIA'S TELANGANA STATE MINISTER: BEER PRICE HIKE WOULD BECOME A BURDEN ON CONSUMERS

• INDIA'S TELANGANA STATE MINISTER: UNITED BREWERIES HAS A MARKET SHARE OF 70% IN TELANGANA

• INDIA'S TELANGANA STATE MINISTER: RETIRED HIGH COURT JUDGE, INDEPENDENT COMMITTEE IS REVIEWING UNITED BREWERIES' PRICE HIKE REQUEST

• INDIA'S TELANGANA STATE MINISTER: DEPENDING ON COMMITTEE REPORT, GOVERNMENT WILL DECIDE HOW MUCH BEER PRICE HIKE CAN BE DONE WITHOUT BURDENING CONSUMERS

• INDIA'S TELANGANA STATE MINISTER: UNITED BREWERIES ARGUES THAT PRICE HIKE SHOULD BE AS PER THEIR DEMAND BECAUSE THEY HAVE A MONOPOLY

• INDIA'S TELANGANA STATE MINISTER: AS OF TODAY, STATE HAS STOCK OF UNITED BREWERIES' BEER OF 1.4 MILLION CASES

• INDIA'S TELANGANA STATE MINISTER: AS OF TODAY, BALANCE DUE TO UNITED BREWERIES IS 6.58 BILLION RUPEES, OF WHICH 4.07 BILLION RUPEES ARE FROM PREVIOUS GOVERNMENT

Source text: [ID:]

Further company coverage: ABI.BR

(([email protected];))

By Aditya Kalra

NEW DELHI, Dec 19 (Reuters) - India's antitrust body has raided offices of alcohol giants Pernod Ricard PERP.PA and Anheuser-Busch InBev ABI.BR as it investigates allegations of price collusion with retailers in a southern state, sources familiar with the matter said.

Wednesday's surprise raids by the Competition Commission of India (CCI) targeted the offices in the city of Hyderabad, and some retailers in nearby Telangana state, the five sources said, for one of the biggest such recent crackdowns in the industry.

The sources spoke on condition of anonymity as they were not authorised to speak to the media.

Pernod, maker of brands like Chivas Regal, did not immediately respond to a request for comment.

In a statement, InBev, which makes Budweiser, said, "While we cannot comment on the specifics, we take antitrust compliance very seriously. We are working together in collaboration with the authorities".

The CCI did not immediately respond to a request for comment on the matter.

(Reporting by Aditya Kalra; Additional reporting by Aditi Shah; Editing by Clarence Fernandez)

((Email: [email protected]; X: @adityakalra;))

Dec 18 (Reuters) - United Breweries Ltd UBBW.NS:

• BOARD APPROVES PRODUCTIVITY PROGRAM

• INITIATIVES EXPECTED TO YIELD 1.5%-3% ANNUALIZED SAVINGS ON FIXED COSTS

• ONE-TIME COST EXPECTED FOR SUPPLY CHAIN AND FINANCE RE-DESIGN

• FINANCIAL IMPACT TO APPEAR IN Q3 FY 2025 RESULTS AS EXCEPTIONAL ITEM

Source text: ID:nBSEc0kbm5

Further company coverage: UBBW.NS

(([email protected];))

By Jacob Gronholt-Pedersen

COPENHAGEN, Aug 14 (Reuters) - Carlsberg CARLb.CO doesn't expect any dramatic changes to rules for liquor ads in India, the brewer's CEO said on Wednesday, after reports the country is set to announce sweeping rules that will bar even so-called surrogate ads.

India bans direct advertising of liquor, but companies often use surrogate ads that promote their brands more generally.

India's top civil servant for consumer affairs told Reuters this month that new rules were expected to be issued within a month that could bring fines for companies and bans for celebrities involved in misleading ads.

"It is not our impression that anything is given about a potential advertising ban," Carlsberg CEO Jacob Aarup-Andersen told Reuters in an interview.

Carlsberg promotes its Tuborg drinking water in India, with an ad showing film stars at a rooftop dance party and the slogan "Tilt Your World", which echoes its Tuborg beer ads elsewhere, emblazoned with the message: "Drink Responsibly".

Aarup-Andersen said anti-alcohol lobby groups in India had recently taken aim at surrogate ads, but that the industry had also been heard in the ongoing consultation process.

"Now we have to see where it ends. We do not expect dramatic changes to regulation, and if there are changes, we will handle it," he said.

(Reporting by Jacob Gronholt-Pedersen; Editing by Mark Potter)

(([email protected]; Twitter: @JacobGronholt;))

This is a repeat of an item issued on Sunday

By Aditya Kalra

NEW DELHI, Aug 4 (Reuters) - India, which bans direct advertising of liquor, is set to announce sweeping rules that will bar even surrogate ads and sponsoring of events, which could force firms such as Carlsberg, Pernod Ricard and Diageo to redraw marketing campaigns.

Such "surrogate ads" often get round the ban by ostensibly showing less desirable items instead, such as water, music CDs or glassware garbed in logos and hues linked to their key product, and often promoted by popular Bollywood film stars.

Now they could bring fines for companies and bans for celebrities endorsing tobacco and liquor ads deemed misleading, according to the top civil servant for consumer affairs and draft rules being reported for the first time by Reuters.

"You can't take a circuitous way to promote products," the official, Nidhi Khare, told Reuters, adding that final rules were expected to be issued within a month.

"If we find ads to be surrogate and misleading, then even those who are endorsing (products), including celebrities, will be held responsible."

For example, brewer Carlsberg promotes its Tuborg drinking water in India, with an ad showing film stars at a rooftop dance party and the slogan "Tilt Your World", which echoes its beer ads elsewhere, emblazoned with the message: "Drink Responsibly".

Competitor Diageo's YouTube ad for its Black & White ginger ale, which has drawn 60 million views, features the signature black-and-white terriers from its scotch of the same name.

The changes threaten a seachange for liquor makers in India, the world's eighth-biggest alcohol market by volume, with annual revenues Euromonitor estimates at $45 billion.

Growing affluence among its 1.4 billion people makes India a lucrative market for the likes of Kingfisher beer maker, United Breweries UBBW.NS, part of the Heineken HEIN.AS Group, which has more than a quarter of market share by volume.

Popular for their whiskies, Diageo DGE.L and Pernod PERP.PA, taken together, have a market share of about a fifth, while for Pernod, India contributes about a tenth of global revenues.

The new rules call for "prohibition against engaging in surrogate advertisement", which extends to sponsorships and ads for products viewed as "brand extensions" that share the characteristics of an alcohol brand, the draft said.

Penalties under the new rules rely on consumer law, opening manufacturers and endorsers to fines of up to 5 million rupees ($60,000), while promoters risk endorsement bans running from one to three years.

Carlsberg CARLb.CO declined to comment, while other companies did not respond to Reuters' queries, including those on sales of non-alcohol products.

Members of the International Spirits and Wines Association of India, which represents Diageo and Pernod, "are committed to a compliant way of building brand extension businesses," said its outgoing chief executive, Nita Kapoor.

The group was in talks with the government and supported advertising of "genuine" brand extensions, she added.

HEALTH IMPACT

The World Health Organization says bans or comprehensive curbs on alcohol advertising "are cost-effective measures" in the interest of public health.

Its data shows India's consumption of alcohol per person will rise to nearly 7 litres in 2030, from about 5 litres in 2019, a period over which fellow Asian giant China's consumption will drop to 5.5 litres.

And alcohol-related deaths in India stood at 38.5 for every 100,000 of its population, versus 16.1 for China.

Khare said India's draft followed a review of global best practices, in countries such as Norway, which bans ads for alcohol and other goods relying on features of a liquor brand, in curbs that researchers say have cut alcohol sales over time.

The new draft rules prohibit marketing of items such as soda or music CDs employing a "similar label, design, pattern, logo" to that of alcohol products, explicitly targeting efforts to get around current bans.

Ads for items such as glasses and soda cans allow "brand names to appear in all their ads, creating its recall value for the consumers," however, the draft states.

The new rules follow warnings to some liquor companies, such as Pernod, and some domestic tobacco firms to halt misleading ads, a senior government source said, speaking on condition of anonymity.

India is not against brand extension ads, the official added, but wants them to properly depict the product being showcased, rather than giving consumers the impression that the ad is for a liquor brand.

One India video promoted by Pernod, ostensibly for glassware products linked to its whisky brand, Blenders Pride, shows Bollywood star Alia Bhatt walking a ramp under flashing disco lights, and saying, "My life, my pride."

While it has a logo similar to that of the whisky brand, the video, which also appears on the website of the Blenders Pride Glassware Fashion Tour, shows no glassware products.

(Reporting by Aditya Kalra; Editing by Clarence Fernandez)

(([email protected]; @adityakalra;))

BENGALURU, July 26 (Reuters) - India's markets regulator on Friday barred business tycoon Vijay Mallya from trading in the country's securities market and from associating with any listed company for three years.

The Indian government has been trying to extradite Mallya, 68, who lives in Britain, to face charges of fraud resulting from the collapse of his defunct company Kingfisher Airlines.

Mallya, who also co-owned the Formula One motor racing team Force India until 2019, has denied all wrongdoing.

The Securities and Exchange Board of India said on Friday that the tycoon's "existing holding of securities including the holding of units of mutual funds... shall remain frozen".

Mallya owns an 8.1% stake in Kingfisher beer-maker United Breweries UBBW.NS, per exchange data, and is the company's chairman. He also owns a 0.01% stake in Smirnoff vodka-maker United Spirits UNSP.NS.

(Reporting by Varun Hebbalalu in Bengaluru; Editing by Mrigank Dhaniwala)

(([email protected];))

July 25 (Reuters) - United Breweries Ltd UBBW.NS:

• JUNE-QUARTER PROFIT 1.73 BILLION RUPEES

• JUNE-QUARTER REVENUE FROM OPERATIONS 58.09 BILLION RUPEES

• Q1 VOLUME GROWTH 5%; PREMIUM SEGMENT GROWTH 44%

Source text for Eikon: ID:nBSEc3bBRK

Further company coverage: UBBW.NS

(([email protected];))

By Praveen Paramasivam

BENGALURU, June 28 (Reuters) - Demand for beer in India is at a multi-year high and air conditioner sales are skyrocketing as the intense, unprecedented heat scorching parts of the country becomes a boon for some consumer businesses.

Temperatures in the Indian capital Delhi and the western state of Rajasthan soared to almost 50 degrees Celsius in recent weeks, with scientists saying the hot summer has become even more intense due to human-driven climate change. While rains lashed Delhi on Friday, many northern areas such as Punjab recorded temperatures above 40 C on Thursday.

Beer sales volume are expected to jump 10% this summer and demand is at its highest since the onset of the COVID-19 pandemic, said Vinod Giri of Brewers' Association of India which represents leading beer makers Carlsberg, Anheuser-Busch InBev ABI.BR and United Breweries UBBW.NS.

Beer in this scorching heat, Giri said, makes Indians "feel better without getting too high on alcohol."

The heat has also driven power demand to a record peak as more people seek ways to cool down.

B. Thiagarajan, managing director at ACs-to-air purifier maker Blue Star BLUS.NS, said he has not witnessed such strong sales for air conditioners in the more than 30 years he has worked in the industry.

It's been a "mad rush ... anything called air conditioner would have got sold," he said.

The number of affluent people in India is rising rapidly, and Thiagarajan said overall air conditioner sales will grow 50% in the April-June summer months, outstripping the industry's expected demand increase of 25% to 30%.

Other businesses are also enjoying a strong summer.

Quick delivery service Swiggy Instamart said it is seeing a sharp rise in orders for ice cream and cold beverages.

Walmart-owned WMT.N Indian e-commerce website Flipkart said demand for top-end sunscreen products jumped 40% between February-May 2024 versus the previous year, with products such as sunscreen sticks proving particularly popular.

"Heatwaves made me use sunscreens very frequently, like, 3 to 4 times a day," said S. Dinesh, 27, whose job demands him to stay out in the sun during the day.

But even as the heat pushes up demand for some online products, it is causing logistical challenges as more delivery workers fall ill due to the high temperatures, said Ajay Rao, CEO of Emiza, a logistics company which counts Flipkart and Mamaearth HONA.NS among its customers.

"People are not able to actually cope with the outside temperatures," he said.

(Reporting by Praveen Paramasivam; Editing by Aditya Kalra and Miral Fahmy)

(([email protected]; +91 867-525-3569;))

By Kashish Tandon

BENGALURU, June 27 (Reuters) - Indian whisky maker Allied Blenders and Distillers' ALLE.NS $180-million IPO was oversubscribed on Thursday but fell short of the blowout demand for recent issues amid concerns about its growth prospects in an increasingly competitive liquor market.

The IPO, the first by an alcohol company since Sula Vineyards' SULA.NS in 2022, received bids for 924.9 million shares, worth up to $3.12 billion and about 23 times the 39.4 million shares on offer, exchange data showed.

In contrast, all the four previous IPOs on the main exchange this month, including engineering firm DEE Development Engineers DEEV.NS, were oversubscribed by around hundred times.

Most of the bids came in the final hours of bidding on Thursday, with institutional buyers bidding for 50 times the shares allotted, while retail investors bid for about four times the allotment.

Allied Blenders, which sells 'Officer's Choice' and 'Sterling Reserve' whisky, is going public in a booming Indian IPO market.

A total of 129 companies have raised $4.32 billion in IPOs so far this year, more than double the amount raised by this time last year, per LSEG data, with the domestic equity market at an all-time high on the prospect of healthy economic growth.

Allied Blenders faces stiff competition in India's $33 billion spirits market, including from Radico Khaitan's RADC.NS 'Rampur Whisky' and Diageo-owned United Spirits' UNSP.NS 'Johnnie Walker' and 'Black Dog'.

The company's share of the premium portfolio is relatively lower than its peers, meaning its growth rates may not be that strong, said Karan Taurani, an analyst at Elara Capital.

Taurani does not expect the stock to rise much when it makes its market debut.

Allied Blenders ranked third in terms of whisky sales in India in fiscal 2023, according to its prospectus, trailing United Spirits and 'Chivas Regal'-maker Pernod Ricard PERP.PA.

Its core profit (EBITDA) margin is also less peers', Taurani noted.

Anchor investors, including domestic mutual funds, had already subscribed to shares worth 4.5 billion rupees.

The offer included a fresh issue worth 10 billion rupees, while co-chairperson Bina Chhabria and vice chairperson Resham Chhabria Hemdev were seeking to up to 5 billion rupees in stock.

($1 = 83.5850 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; Editing by Savio D'Souza)

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** Shares of beer maker United Breweries UBBW.NS rise 3.1% to a record high of 2,135 rupees

** UBBW top gainer on Nifty FMCG Index .NIFTYFMCG, which is up 0.43%

** Reuters could not immediately ascertain a reason for the stock move

** UBBW eyes its seventh consecutive session of gains

** Stock up ~23% so far in June-qtr, eyes best quarterly gain since Dec. 2020

** Analysts covering the stock on avg have a "hold" rating, same as its rival United Spirits UNSP.NS; median PT of UBBW is 2,000 rupees - LSEG data

** UNSP shares rise 0.6%, eyes sixth consecutive day of gains

(Reporting by Ashna Teresa Britto in Bengaluru)

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May 20 (Reuters) - United Breweries Ltd UBBW.NS:

• LAUNCHED QUEENFISHER PREMIUM LAGER BEER IN ASSAM AND MEGHALAYA

Source text for Eikon: ID:nBSE5fh4yJ

Further company coverage: UBBW.NS

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United Breweries Ltd UBBW.NS:

• UNITED BREWERIES LTD - DIVIDEND 10 RUPEES PER SHARE

• UNITED BREWERIES MARCH-QUARTER PROFIT 808.4 MILLION RUPEES VERSUS PROFIT 97.3 MILLION RUPEES

• UNITED BREWERIES MARCH-QUARTER REVENUE FROM OPERATIONS 47.87 BILLION RUPEES VERSUS 40.8 BILLION RUPEES

Source text for Eikon: ID:nBSE3LMhjP

Further company coverage: UBBW.NS

** Shares of Kingfisher beer maker United Breweries UBBW.NS up as much as 8.9% to a record 2,026.20 rupees

** UBBW's top shareholder Heineken HEIN.AS said beer volumes rose 4.7% Y/Y in March qtr, beating a 2.5% growth expected by analysts in a company-provided poll; stuck to its forecast for profit growth in 2024

** Heineken CEO said that all regions posted higher volume and net revenue; India net revenue grew 20% organically

** UBBW last up 8.1%, set for third straight session of gain

** Analysts' avg rating on UBBW at "hold"; median PT is 1,725 rupees - LSEG data

** Stock up ~13% YTD, its fourth straight annual gain

(Reporting by Kashish Tandon in Bengaluru)

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April 22 (Reuters) - United Breweries Ltd UBBW.NS:

• RADOVAN SIKORSKY RESIGNS AS CFO

Source text for Eikon: ID:nBSE6Fqg1T

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April 5 (Reuters) - United Breweries Ltd UBBW.NS:

• GETS ORDER IMPOSING A PENALTY OF 288.7 MILLION RUPEES

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Further company coverage: UBBW.NS

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BENGALURU, Feb 8 (Reuters) - India's United Breweries UBBW.NS reported a profit in the third quarter on Thursday, as improved demand helped mitigate the impact of higher costs.

The company, partly owned by Dutch brewer Heineken NV HEIN.AS, has been grappling with elevated costs due to rising raw material prices, including glass and extra neutral alcohol (ENA), a primary raw material for alcoholic beverages, which have incrementally risen each quarter.

The Kingfisher beer maker reported a standalone profit of 848.5 million rupees (nearly $10 million) for the quarter ended Dec. 31, compared with a loss of 21.4 million rupees a year earlier.

Revenue from operations rose 12.3% to 41.53 billion rupees.

However, total expenses also grew at a similar pace to 40.61 billion rupees, dragged by a 14% rise in raw material costs.

United Breweries' revenue growth has also been decelerating, dropping from 96% in June 2022, when beer sales surged during the summer months, to 14.1% in September 2023, as consumers reduced spending amid persistent inflation.

Profit has declined in the last three quarters since swinging to a loss in the December quarter of fiscal 2023.

Meanwhile, rivals Radico Khaitan RADC.NS, known for 'Magic Moments' vodka, and 'Smirnoff' vodka maker United Spirits UNSP.NS reported an increase in third-quarter profits, both benefitting from strong sales of their premium liquor brands.

($1 = 82.9620 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; Editing by Dhanya Ann Thoppil)

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