Kingfisher Airlines stock hits upper circuit
Mumbai: Shares of Kingfisher Airlines on Wednesday rose by 5 percent to touch the upper circuit limit, after the company said it was in talks with Gulf-based Etihad Airways and various investors for infusion of equity.
Extending its rally for the seventh consecutive day today, scrip of the company soared 4.98 percent to touch the upper circuit of Rs 16.45 on the BSE -- its highest level since September 27, 2012.
At NSE, the stock was up 4.81 percent to Rs 16.35.
"Stake buy news in Kingfisher is helping the stock price to propel upward," Milan Bavishi, Head Research, Inventure Growth & Securities said.
The Vijay Mallya-owned carrier came out with a clarification yesterday on a possible stake sale following media reports that it is all set to sign a deal with Etihad to sell 48 percent stake for Rs 3,000 crore.
"We would like to clarify that the company is in discussions with various investors, including Etihad Airways, for equity investments," Kingfisher had said in a filing to BSE yesterday.
"However, no agreement has been reached either with Etihad or any other airline and the matters are merely at negotiation stages," the statement said.