UB Group shares recover, United Spirits surges 6%

United Breweries and UB Holding are also up by more than 5% each on the National Stock Exchange

Shares of Vijay Mallya led UB Group Companies - United Spirits, United Breweries and United Breweries Holding have recovered from their yesterday's fall and trading higher by more than 5% each on the National Stock Exchange (NSE).

United Spirits has surged 6% to Rs 1,247 on reports that Vijay Mallya led UB Group company has signed an out of court settlement with Allied Blenders and Distillers (ADB) over Officers' Choice. The stock opened at Rs 1,210 and hit a high of Rs 1,254 on the NSE. A combined 2.51 million shares have already changed hands on the counter so far on both the exchanges.

As part of this settlement, United Spirits will get a one-time fee of Rs 8 crore from ADB and all pending disputes will be completely negated. United Spirits will also relinquish all charges that it has against ABD with respect to Officers' Choice, so the Delhi High Court and Calcutta High Court cases will be dismissed, added report.

United Breweries Holdings (up 6% at Rs 142) and United Breweries (up 5.2% at Rs 704) are among other UB Group shares are trading higher by more 5% each on the NSE.

Kingfisher Airlines, on the other hand, continue at its downward march and locked in 5% lower circuit at Rs 12 on seven consecutive days on the NSE.