McDowell on a high over SWC buy

DALAL STREET SPIKES

Investors cheered up the UB group's acquisition of Shaw Wallace Company (SWC) as the McDowell scrip jumped up to an all-time high of Rs 263.55 in intra-day deals on Tuesday.

The stock of the liquor company ended at Rs 260.70, up 3.8 per cent from its previous close of Rs 251.60. The acquisition of SWC enables the UB group to become the world's second largest spirits maker with annual sales of 60 million cases.

The counter witnessed an impressive volume of more than 22.2 lakh shares on the Bombay Stock Exchange (BSE). The company inked the pact to acquire the Chabbria's controlling 54.54 per cent stake in SWC for Rs 850 crore.

The counter has been in the limelight of late as the acquisition buzz was there in the market for some time, said a local broker. McDowell also hiked the open offer for acquiring the controlling stake in SWC to Rs 260 per share from the earlier announced Rs 250 per share.