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Money Nov 26, 2012

United Spirits gains 3%; Nomura upgrades stock after Diageo deal

Shares in United Spirits gained 3.3 percent after Nomura upgraded the stock to 'buy' from 'neutral' and raised its target price to Rs 2,200 from Rs 675 , advocating a structural re-rating after a deal with Diageo.

The investment bank said that selling off treasury shares and preferential issue of shares to Diageo will bring in Rs 3300 crore in the company which will help to pay debt and improve profitability.

The investment bank said that selling off treasury shares and preferential issue of shares to Diageo will bring in Rs 3300 crore in the company. Reuters

"Despite the fact that the stock is up about 30 percent since the deal announcement on November 9, we believe investors should now buy UNSP as part of their core holding in Indian consumer stocks," Nomura said in a report.

Reuters


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