United Spirits gains after Nomura upgrade

Shares in United Spirits gain 3.3 percent after Nomura upgraded the stock to 'buy' from 'neutral' and raised its target price to Rs 2,200 from Rs 675, advocating a structural re-rating after a deal with Diageo PLC.

Also Read: Diageo to launch United Spirits tender offer on Jan 7

The investment bank says that selling off treasury shares and preferential issue of shares to Diageo will bring in Rs 3,300 crore 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.

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