New Delhi, July 31 -- Radico Khaitan, maker of Magic Moments vodka, has not only outperformed peers but also become a favourite among domestic institutional investors, with sustained buying reflecting growing confidence in its growth prospects.

Radico Khaitan has stayed well ahead of its peers, not just over the past six months but also on a three-year basis, as the chart shows. Radico's scrip has gained nearly 56% in the past six months, compared to a 12% rise in United Spirits, and a decline of 2% for United Breweries. Institutional confidence in Radico has also strengthened over the past six months. DIIs have raised their stake to 28.08% as of June-end, from 24.03% at the end of December.

It wasn't just the record quarterly volumes i...