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United Spirits share price rises over 3% after promoter raises stake

United Spirits share price rose up to 3.43% to Rs 597.90 compared to the previous close of Rs 578.10 on BSE.

twitter-logo BusinessToday.In        Last Updated: August 21, 2019  | 15:12 IST
United Spirits share price rises over 3% after promoter raises stake
United Spirits share price opened with a gain of 3.27% at Rs 597 on BSE. United Spirits share had gained after three days of consecutive fall.

United Spirits share price gained in trade today after promoter Relay BV, a wholly owned subsidiary of Diageo Plc, raised its stake in the company.  United Spirits share price rose up to 3.43% to Rs 597.90 compared to the previous close of Rs 578.10 on BSE. United Spirits share price opened with a gain of 3.27% at Rs 597 on BSE.  United Spirits share had gained after three days of consecutive fall.

United Spirits share has lost 6.76% during the last one year and fallen 8.65% since the beginning of this year.

United Spirits share is trading below its 50-day moving average of Rs 586.74 but higher than its 200 day moving average of Rs 558.06 on BSE.

The firm said Netherlands-based Relay BV purchased 33.10 lakh equity shares of liquor maker at Rs 591.95 per share through block trade window of BSE.

The promoter spent Rs 195.96 crore for acquiring 0.46 percent stake, taking their total stake in the company to 55.24 percent from 54.78 percent earlier.

The recovery official of Debt Recovery Tribunal was the seller, according to the block deal data of stock exchanges. United Spirits is a spirits company engaged in the business of manufacture, purchase and sale of alcoholic beverages. The company operates through two segments: India and outside India.

The India segment is engaged in the business of manufacture, purchase and sale of beverage alcohol (spirits and wines), including through tie-up units/brand franchisees within India. The outside India segment is engaged in the business of manufacture, purchase and sale of beverage alcohol (spirits and wines), including through tie-up units/brand franchisees outside India.

Edited by Aseem Thapliyal

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