Stocks in focus: United Spirits Limited, owned by British company Diazio, has got a big relief from the Bombay High Court. The company said that the High Court has rejected the claim of water fee of Rs 443 crore so far by the Water Resources Department of Maharashtra.
The court has directed the Water Resources Department to separate the water fee charged from United Spirits in two parts. One part of the water used in raw material and the other part of the water used in the process.
For this, the department has been given three months time. When these different charges are fixed, they will send new, right bills to the company by mixing water bills from November 2018. That is, both old and new bills will be accounted for equal.
It is necessary to deposit interim amount
The court has asked the United Spirits to deposit an interim amount of Rs 66.50 crore. This amount will be adjusted to the later matched water bill. The company said that she is currently considering the next step.
United Spirits said it had assessed the risk. This decision is not expected to have no major negative financial impact. The company believes that it has a strong legal basis in this case.
This lawsuit is related to many parties. This includes various officials of the Government of Maharashtra, Maharashtra Water Resources Regulatory Authority (MWRRA) and Water Resources Department.
Shares of United Spirits
United Spirits Limited shares closed at ₹ 1,347.50 on NSE on NSE on Wednesday at ₹ 1,347.50. The company’s stocks have seen lethargy for a long time. The stock has fallen 4.17% in the last 6 months. At the same time, in 1 year it has given negative returns of 16.35%. Its 52 week high level is Rs 1,700.00 and low-level is Rs 1,271.10.
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