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UB Holdings to hike loan limit to Kingfisher; stock surges

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UB Holdings to hike loan limit to Kingfisher; stock surges
Shares of the Kingfisher Airlines hit the upper end of the circuit filter on Tuesday after the UB holding said it will hike loan limit to the debt ridden airline.

Shareholders to increase the loan limit to Rs 750 crores from existing Rs 300 crores. Simultaneously the investment limit has been reduced to Rs 750 crores from the earlier limit of Rs 1200 crores.

 

UB Holdings reported a Q3 net profit of Rs 38.9 crore versus Rs 3.1 crore, year-on-year.

While, Kingfisher Airlines reported net loss of Rs. 755 crore loss in the three months to Dec 31 as its planes sat idle.

Shares of the UB Holdings were seen trading higher by 5% at Rs 64 on the BSE at 11.15 am IST. Kingfisher Airlines stock was locked at the upper end of the circuit filter at Rs 10.53.

GoodReturns.in

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