Rupee gains; around $300 million flows from Diageo seen

Reuters Market Eye - The rupee gains as stocks post strong rally and on corporate flows, dealers say. The pair is at 59.76/77, retreating from its close of 60.19/20 on Thursday.

Dealers cite inflows related to Diageo Plc's stake purchase in United Spirits. They estimate the flow size at around $300 million.

United Spirits approved the allotment of 14.5 million shares on a preferential basis to a wholly owned unit of UK drinks group Diageo Plc , as part of an around $2.1 billion stake sale announced in November last year.

(Reporting by Subhadip Sircar)