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BUZZ-India's United Spirits hits 2-1/2-mth high; co posts gains in margins, revenue
May 31, 2017 / 4:42 AM / 4 months ago

BUZZ-India's United Spirits hits 2-1/2-mth high; co posts gains in margins, revenue

** United Spirits Ltd rises as much as 10.30 pct to 2,307.90 rupees, its highest since March 15

** Quarterly net loss widened to 458 million rupees ($15,494.27), but analysts welcomed gains in margins, revenue

** Morgan Stanley, Ambit Capital note the Supreme Court ban on liquor sold near highways did not have too much impact

** United Spirits plans to sell 13 non-core assets, earlier owned by former non-exec chairman Vijay Mallya

** “USL reported strong results given margin gains and lower-than-expected impact of de-stocking caused by the Supreme Court ban on liquor sale near highways,” Ambit Capital said in a note, adding that it “expects company to double its profitability over the medium term”

** Stock had gained 7.7 pct this year as of Tuesday’s close

** About 1.2 mln shares change hands, double the 30-day average of 584,634 ($1 = 64.5400 Indian rupees)

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