Talwalkars share soars to 52-week high on stake sale report

Shares of Talwalkars Better Value Fitness today soared to its 52-week high level and settled for the day with gains of 8.74 per cent after media reports surfaced that UK's David Lloyd is in talks to buy stake in the company.
During the day, the shares of the company had surged as much as 14.07 per cent to touch an intra-day high of Rs 182 on the BSE.
Similar movement was seen the National Stock Exchange as well, where the stock opened on a bullish note then jumped 12.76 per cent to Rs 182.40 on the NSE. It ended the day at Rs 174.50, up 7.88 per cent from its previous closing price.

Meanwhile, the company in a clarification the stock exchanges said that "there have been no negotiations for sale of any equity in Talwalkars Better Value Fitness Limited (TBVF)".
The company further said, David Lloyd Leisure Limited (DLL) was in India and was exploring ways in which its alliance could work at a more involved level and to see some specific sites for leisure clubs which TBVF is actively considering.
"Various options including advisory involvement, co- branding opportunities, possible investing in the TBVF and other clubs, working on management contracts with third party owned clubs were among the various ideas that were raised as part of brain storming," the company said in a regulatory filing.

TBVF has an existing alliance with DLL that was entered into in 2012.
Market experts attributed the sharp jump in the counter to the media report on stake sale buy.