United Spirits jumps after foreign fund hikes stake

Meanwhile, the S&P BSE Sensex was up 89.96 points, or 0.46%, to 19,485.77.

On BSE, 81,000 shares were traded in the counter as against an average daily volume of 3.33 lakh shares in the past one quarter.

The stock hit a high of Rs 2,276.90 and a low of Rs 2,196.60 so far during the day. The stock had hit a record high of Rs 2,605 on 27 May 2013. The stock had hit a 52-week low of Rs 660.15 on 28 June 2012.

The stock had underperformed the market over the past one month till 28 June 2013, sliding 11.24% compared with the Sensex's 3.79% fall. The scrip had, however, outperformed the market in past one quarter, rising 14.38% as against Sensex's 2.97% rise.

The large-cap liquor manufacturer has an equity capital of Rs 145.33 crore. Face value per share is Rs 10.

Morgan Stanley Asia (Singapore) Pte acquired the shares through a bulk deal on NSE on Friday, 28 June 2013. As on 31 March 2013, Morgan Stanley Asia (Singapore) Pte held 40.84 lakh shares, or 3.12% stake in United Spirits.

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 closed on 26 April 2013. The company accepted bids for 58,668 shares as against proposed open offer size of 3.77 crore shares.

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

United Spirits' net profit jumped 459.4% to Rs 56 crore on 14% growth in total income to Rs 2141.32 crore in Q4 March 2013 over Q4 March 2012.

United Spirits has twenty-one liquor brands in its portfolio that sell more than a million cases each year, of which five brands each sell more than 10 million cases annually.

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