Shares of Vijay Mallya promoted companies have extend their rally and trading higher by more than 4% after United Spirits said it resumed talks with British drinks giant Diageo for a possible stake sale.
United Breweries (Holdings), United Breweries, Kingfisher Airlines and United Spirits are trading higher by 3-8% on the Bombay Stock Exchange (BSE). All these stocks have gained more than 10% each in past two trading sessions.
On September 25, 2012 United Spirits and Diageo plc and have issued the joint statement saying that Diageo plc is in discussion with United Spirits and United Breweries (Holdings) in respect of possible transactions for Diageo plc to acquire an interest in United Spirits.
Vijay Mallya has been looking at raising funds to repay mounting debt and infuse life into its ailing Kingfisher Airlines.
Among the individual stocks, United Breweries (Holdings) which hold 18.03% stake in United Breweries has surged 8% to Rs 155 on the BSE. The stock has rallied 41% on back of huge volume in past three trading sessions from Rs 110 on September 24.
Kingfisher Airlines has rallied 8% to Rs 16.85, followed by United Spirits up 6% at Rs 1,230 and United Breweries up 4% at Rs 727 on the BSE.