United Spirits hits record high

United Spirits rose 2.8% to Rs 2351.85 at 13:15 IST on BSE, with the stock of the liquor major extending its recent rally.

Meanwhile, the S&P BSE Sensex was up 208.93 points, or 1.05%, to 19,882.57.

On BSE, 3.74 lakh shares were traded in the counter as against an average daily volume of 3.16 lakh shares in the past one quarter.

The stock hit a high of Rs 2,383.95 so far during the day, which is record high for the stock. The stock hit a low of Rs 2272.25 so far during the day. The stock had hit a 52-week low of Rs 547.15 on 31 May 2012.

The stock had outperformed the market over the past one month till 6 May 2013, rising 30.33% compared with the Sensex's 6.63% rise. The scrip had also outperformed the market in past one quarter, rising 20.03% as against Sensex's 0.17% rise.

The large-cap liquor manufacturer has an equity capital of Rs 130.79 crore. Face value per share is Rs 10.

As per reports, UK-based alcohol giant Diageo PLC's mandatory open offer to acquire an additional 26% in United Spirits at an offer price of Rs 1,440 per share failed to garner investor response as the open offer price was at a discount to the ruling stock price of United Spirits (USL). The open offer closed on 26 April 2013. Diageo has so far not revealed the details of response to the open offer.

As per an agreement reached between Diageo and the UB group in November 2012, Diageo agreed to acquire a 27.4% stake in USL -- partly by acquiring shares directly from the promoter entities of the UB group and partly by way of subscribing to a preferential share issue of USL. The agreement triggered a mandatory open offer from Diageo to acquire additional 26% shares in USL as per the Securities & Exchange Board of India's takeover norms.

United Spirits announces its Q4 March 2013 results on 15 May 2013.

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