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United Spirits surges over 30 pct on Diageo deal

Source : REUTERS
Last Updated: Mon, Nov 12, 2012 11:01 hrs
Mallya, chairman and CEO of Kingfisher Airlines, speaks during a news conference in Srinagar

United Spirits surged over 30 percent to a more than 4-1/2 year high as investors bet its deal to sell a majority stake to Diageo would boost the Indian liquor maker's profitability and reduce its debt levels.

Analysts, including from Morgan Stanley and CLSA, upgraded the stock after the deal, saying the $2.1 billion to sell a 53.4 percent stake to Diageo would substantially benefit United Spirits.

United Spirits rose 31.4 percent to 1,787 rupees as of 2:44 p.m., after earlier hitting a session high at 1,795.80 rupees, its highest since April 2008.




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