United Spirits rose 0.22% to Rs 2633 at 10:18 IST on BSE after the company said its board has considered in detail the report submitted by the managing director and CEO in relation to the additional inquiry.
The announcement was made on Saturday, 9 July 2016.Meanwhile, the BSE Sensex was up 480.01 points, or 1.77%, to 27,606.91.
On BSE, so far 11,000 shares were traded in the counter, compared with average daily volume of 35,482 shares in the past one quarter. The stock hit a high of Rs 2,645.35 and a low of Rs 2,592.30 so far during the day. The stock hit a 52-week high of Rs 3,837.50 on 29 July 2015. The stock hit a 52-week low of Rs 2,232 on 18 February 2016. The stock had outperformed the market over the past 30 days till 8 July 2016, rising 6.77% compared with 1.36% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 11.43% as against Sensex's 9.94% rise.
The large-cap company has an equity capital of Rs 145.33 crore. Face value per share is Rs 10.
United Spirits (USL) said that almost all the amounts identified in an additional inquiry into historical transactions concerning USL and its subsidiaries have been already provided for or expensed in the financial statements of USL or its subsidiaries for prior periods. USL said additional enquiries revealed fund diversions and improper transactions amounting to a total Rs 1225.30 crore in USL's books for the period from October 2010 to July 2014. After a mutually agreed transaction, Diageo gained control of United Spirits from Vijay Mallya's UB Group in July 2013. USL said that the company's management has recommended to the company's board of directors for USL to make a further provision of Rs 21.70 crore for the value of certain improper transactions identified by the additional inquiry which have not been previously expensed or provided for in USL's books.
United Spirits reported net loss of Rs 8.99 crore in Q4 March 2016 as against net loss of Rs 1799.28 crore in Q4 March 2015. Net sales rose 13.03% to Rs 2283.64 crore in Q4 March 2016 over Q4 March 2015.
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United Spirits makes alcoholic beverages. It is a subsidiary of British multinational Diageo plc. Relay B.V., an indirect wholly- owned subsidiary of Diageo Plc holds 54.78% stake in United Spirits (as per the shareholding pattern as on 31 March 2016).
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