Defying the weak broader market,shares of UB Group companies,including United Spirits and United Breweries,soared by up to 5 per cent on bourses today.
United Spirits shares rallied 4.89 per cent to end the day at Rs 586.45,while United Breweries Ltd gained 1.67 per cent to settle at Rs 546.20 on the BSE.
United Breweries (Holdings) was also up 1.98 per cent. Marketmen said that these stocks gained on the back of media reports that Mallya may offload 12-13 per cent of his stake in UBL.
According to market buzz,Vijay Mallya and Heineken are in final stages of the negotiations and due diligence for UBL stake sale.
The surge in these stocks were in contrast with the weak broader market,where the BSE benchmark Sensex ended 135.74 points lower at 17,121.62.