United Spirits jumps 35% on Stake sale to Diageo
Uited Spirits posted its biggest single-day share gain since at least 1995 on Monday after its stake sale to Diageo spurred upgrades from several analysts, who called the deal “transformational” and a “game changer” for the Indian liquor maker.
Morgan Stanley, J.P.Morgan and CLSA raised their ratings to the equivalent of a buy, saying United Spirits (UNSP.NS) will substantially cut its debt and improve its profits after its deal to sell a 53.4 percent stake to Diageo (DGE.L) for $2.1 billion.
The jump of as much as 37.8 percent on Monday added around $1.1 billion (61.8 billion rupees) to the market value of the company controlled by Indian businessman Vijay Mallya after the glowing research reports.
source: http://in.reuters.com/article/2012/11/12/united-spirits-diageo-idINDEE8AB03G20121112
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