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Shares of liquor company United Spirits Ltd climbed 7.5 per cent to Rs 619.9, their highest since September 3. The stock marked its sharpest intraday percentage gain since January 5, and was on track for 4th straight winning session.
The company had on Wednesday reported a 69 per cent rise in Q2 profit on robust growth in its premium portfolio.
“We see signs of volume growth acceleration, cost rationalisation, improved capital efficiencies and debt reduction that can drive strong earnings growth for USL,” says Morgan Stanley.
It has upgraded the rating to “overweight” from “equal-weight”, and has raised the price target to Rs 700 from Rs 650. About 1.6 million shares changed hands by 0427 GMT, roughly the same as their 30-day daily moving average. Up to last close, USL stock had fallen 21.4 per cent this year.
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