United Spirits surges; MStanley raises stake

Reuters Market Eye - Shares in United Spirits gain 7.3 percent after Morgan Stanley Asia (Singapore) Pte increased its stake in the company to 4.76 percent from 4.02 percent earlier, dealers say.

Morgan Stanley Asia (Singapore) Pte bought 1.08 million shares of the company on Friday in a bulk deal at a price of 2,118.3 rupees each, NSE data shows.

United Spirits shares are trading at 47.3 times of expected consensus earnings for FY2014, as per Reuters estimates.

Diageo Plc had agreed in November to buy a majority stake in United Spirits Ltd, controlled by Vijay Mallya, for $2.1 billion..

(Reporting by Abhishek Vishnoi)