India's Kingfisher shares jump on United Spirits, Diageo deal
MUMBAI Nov 9 (Reuters) - India's debt-laden Kingfisher Airlines extended gains after Reuters reported its chairman Vijay Mallya clinched a deal to sell a stake in United Spirits to Diageo, on hopes the money raised could be used to revive the carrier.
Diageo is set to acquire a 53.4 percent stake in United Spirits for more than $2 billion, according to an internal memo related to the deal obtained by Reuters.
Kingfisher's flight license has been suspended by aviation regulators. As of 0852 GMT, Kingfisher shares were up 4.7 percent, while United Spirits shares were up 1.5 percent. (Reporting by Rafael Nam; Editing by Anand Basu)
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Indian conglomerate Larsen & Toubro said on Monday revenue totalled 191.23 billion Indian rupees ($3.2 billion) in the first quarter, beating analyst forecasts, after a rise in orders from international clients. Full Article