MUMBAI: Shares of Vijay Mallya-led UB Group companies today shot up to 20 per cent amid reports that the group is looking to sell stake in United Spirits and spirits major Diageo is in the running to pick up the stake.
Reacting to the buzz, United Breweries Holdings soared 20 per cent to Rs 70.80, while Kingfisher Airlines surged 8.74 per cent to Rs 14.17 on the BSE.
Among other group stocks, United Spirits gained 6.57 per cent, United Breweries was up 9.67 per cent, McDowell Holdings rose by 4.91 per cent, Mangalore Chemicals and Fertilizers rallied 6.81 per cent and UB Engineering Ltd climbed 14.35 per cent.
Market analysts said that rumours about stake sale in United Spirits fuelled the rally in the entire group stocks.
According to reports Diageo, the world's leading spirits, wine and beer firm, is said to be in the running to pick up USL stake, as the UB Group is looking to sell stake in USL to repay debt.
The money being raised through the stake sale will be pumped in to Kingfisher to repay the debt, it said.
The airline has a debt of over Rs 7,000 crore. Rally in these stocks sharply outperformed the sluggish broader market where the BSE benchmark Sensex was trading at 16,923.63, up 60.83 points.
(Source- http://economictimes.indiatimes.com)
Reacting to the buzz, United Breweries Holdings soared 20 per cent to Rs 70.80, while Kingfisher Airlines surged 8.74 per cent to Rs 14.17 on the BSE.
Among other group stocks, United Spirits gained 6.57 per cent, United Breweries was up 9.67 per cent, McDowell Holdings rose by 4.91 per cent, Mangalore Chemicals and Fertilizers rallied 6.81 per cent and UB Engineering Ltd climbed 14.35 per cent.
Market analysts said that rumours about stake sale in United Spirits fuelled the rally in the entire group stocks.
According to reports Diageo, the world's leading spirits, wine and beer firm, is said to be in the running to pick up USL stake, as the UB Group is looking to sell stake in USL to repay debt.
The money being raised through the stake sale will be pumped in to Kingfisher to repay the debt, it said.
The airline has a debt of over Rs 7,000 crore. Rally in these stocks sharply outperformed the sluggish broader market where the BSE benchmark Sensex was trading at 16,923.63, up 60.83 points.
(Source- http://economictimes.indiatimes.com)
No comments:
Post a Comment