United Spirits shares gain on bargain buying

Written by Reuters | Mumbai | Updated: Sep 4 2014, 16:36pm hrs
Shares of United Spirits Ltd (USPL) gain 0.6 per cent, recovers from earlier falls of as much as 2.5 per cent.

Traders cite bargain-buying after initial reaction to the spirits maker's March-quarter net loss.

Shares down 14.8 percent since the end of May, lagging a 12.2 percent gain in the NSE index.

Falls have made shares attractive and may spark buy-on-dips approach, traders say.

Traders also tracking developments related to United Spirits Chairman Vijay Mallya who is under pressure by banks over loans.