United Spirits hits new 52-wk high on distillery acquisition
BS Reporter / Mumbai Nov 24, 2009, 16:00 IST
The scrip soared to a high of Rs 1,244 and finally settled at Rs 1,228, up 2.5% from its previous close. The counter clocked 88,709 shares as comapred to the two -week daily average traded volumes of 115,510 shares on the BSE.
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(Updated at 1118hrs)
United Spirits has jumped on distillery acquisition.
The stock opened at Rs 1,187 and surged 3% to a new 52-week high of Rs 1,235. The stock is now trading near its high at Rs 1,230 - up 2.6%. The counter has clocked a volume of 20,688 shares on the BSE so far.
The company has acquired the entire share capital of Tern Distilleries for Rs 13.42 crore. The move has been taken to augment its primary distillation capacity over the next two-three years. USL, the country’s largest spirits company (and third in the world), currently owns two units in Andhra Pradesh, both in Hyderabad. It also has four other contracted facilities within the state.
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