United Spirits: Stock in high spirits on Diageo stake reports

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United Spirits: Stock in high spirits on Diageo stake report
Ever since the reports of Diageo picking up a stake in the company surfaced, the shares of United Spirits have seen a sharp rise.

On Wednesday the stock surged 8% in trade and today by 10:45 am, the stock was up another 4%, making it a total of more than 12% in two trading sessions. The shares of United Spirits were trading at Rs 766 on the BSE.

Reports have emerged that Diageo, the World's largest spirits company by value had asked JM Financial to negotiate a deal that would enable the company pick a stake in the company.

The reports have come against the backdrop of speculations that Vijay Mallya would look at stake sale in his profitable liquor business to pump money into the cash strapped Kingfisher Airlines business.

Diageo is the world's leading premium drinks business with a collection of beverage alcohol brands across spirits, beer and wine.


Read more about: kingfisher airlines, vijay mallya
Story first published: Thursday, April 26, 2012, 10:56 [IST]
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