Tilaknagar Industries has soared 12% to Rs 34.40 on reports that the company is in talks with a large European liquor company to form an Indian joint venture (JV) to become a diversified branded spirit company in the local market.
On clarifying the report, the maker of Mansion House Brandy and Madira Rum in a filing to the stock exchanges, said,"As a part of its planned expansion in the branded spirit market, the company has had a preliminary round of meeting with an international liquor major to explore the possibility of forming a separate JV."
Since the discussions are at preliminary stage, the identity of the said international company can't be disclosed at this stage and will be disclosed at the time of finalization of the transaction, it added.
The stock opened at Rs 32.25 and hit a high of Rs 36 on the National Stock Exchange (NSE). The trading volumes on the counter more than doubled, with a combined one million shares changing hands so far against an average sub-40,000 shares traded daily in the past two weeks.
