Vijay Mallya group cos come off highs

With bankers hesitant to extend the loan bailout carrot to the Vijay Mallya owned Kingfisher Airlines and the doubts voiced over Diageo-United Spirits deal finally happening, some of the group shares that hit their 52-week high yesterday were off their perch somewhat in morning trade.

These counters witnessed hefty trading volume on the BSE today which was partly fuelled by the fact that today was the first day of the new contract period.

United Spirits was down by Rs 34.95 at Rs 1,241 with a trading volume of 3.88 lakh shares. The stock has had a phenomenal run after touching a low of Rs 450 on January 12 this year. United Breweries stock shed Rs 12.75 to Rs 694. This stock also had more than doubled after touching a low of Rs 339.50 on January 11 this year.

United Breweries (Holdings) Ltd shed Rs 9.30 at Rs 136.75 and the counter registered a trading volume of 9.44 lakh shares. This stock had hit a 52 week high of Rs 155.85 on Sept 27. But what is significant was that in about three months the stock has spiralled two and half times- from a 52 week low of Rs 53.65 on June 5, 2012 to the current levels.

KFA dipped by about 84 paise to Rs 16.12 in the BSE accompanied by a trading volume of 12.76 lakh shares. This stock has been facing turbulence for a while and the reports of bank consortium declining to extend a Rs 200 crore lifeline to KFA dampened investor sentiments.

Mangalore Chemicals and Fertilisers stock also came under pressure losing 95 paise at Rs 46.75. This company is a part of the UB Group that holds 30.44 per cent stake in it. The stock had hit a high of Rs 57.30 on July 13. There have been persistent reports that the liquor baron might sell his stake in MCFL as part of divesting stake in some of the group holdings to lighten the group debt burden and save KFA.