United Spirits shares rally 8% intraday on Diageo stake hike buzz, company denies

Shares of United Spirits rallied 8 per cent intraday on reports that Diageo Plc may raise stake in the liquor maker to 72 per cent from 54.78 per cent.

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Arvind Ltd shares soared over 10 per cent intraday on Tuesday after the company informed bourses about its decision to raise about Rs 740 crore by diluting 10 per cent stake in its brand business arm, pegging its enterprise value at Rs 8,000 crore. (Photo: PTI)

Shares of United Spirits rallied 8 per cent intraday on reports that Diageo Plc may raise stake in the liquor maker to 72 per cent from 54.78 per cent.

Later, the share price of the company closed 3.82 per cent up at Rs 2450.20.

The scrip opened at Rs 2371.50 and touched a high and low of Rs 2554.20 and Rs 2351.35, respectively, in trade so far. Sensex closed 207.27 points, or 0.81 per cent, down at 25229.70.

According to the report, Diageo is exploring various options, including open market transactions.

The BSE asked for a clarification from United Spirits on the TV reports earlier in the day. However, the company clarified that it is not aware of any such talks and hence unable to comment on the same.

(With agency inputs)

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