United Spirits hits 52-week high ahead of AGM, up 6%
Mumbai: Shares of United Spirits on Monday surged 6 percent to one-year high levels ahead of its annual general meeting (AGM) on Tuesday, amid reports that UK-based Diageo Plc is in talks to acquire stake in the Vijay Mallya-owned firm.
After soaring over 10 percent during the day, shares of the company finally closed at Rs 1,054, up 6.03 percent on the BSE. At the NSE, the scrip closed 6.07 percent higher at Rs 1,054.
Buying was also seen in other group companies. United Breweries Holdings was up 0.36 percent, United Breweries (3.08 percent), Kingfisher Airlines (1.91 percent) and McDowell Holdings (2.71 percent).
Surge in these stocks were in contrast with a weak stock market, where the BSE benchmark Sensex ended at 18,673.34, down 79.49 points.
According to market experts, speculation about stake sale in United Spirits is the main reason behind this rally.
The UB group is the promoter of USL with a 28 percent stake.