MARKET EYE-United Spirits gains after Nomura upgrade

Mon Nov 26, 2012 9:52am IST

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* Shares in United Spirits gain 3.3 percent after
Nomura upgraded the stock to 'buy' from 'neutral' and raised its
target price to 2,200 rupees from 675 rupees, advocating a
structural re-rating after a deal with Diageo PLC.
* The investment bank says that selling off treasury shares and
preferential issue of shares to Diageo will bring in 33 billion
rupees in the company which will help to pay debt and improve
profitability.
* "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.

 (abhishek.vishnoi@thomsonreuters.com /;
abhishek.vishnoi.reuters.com@reuters.net)
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