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Jul 12, 2012, 08.23 AM IST
Globus Spirits, which engaged in the business of making Indian Made Indian Liquor (IMIL), Indian Made Foreign Liquor (IMFL), IMFL bottling and bulk alcohol, rallied as much as 12.5% intraday on Tuesday after The Economic Times reported that the company is in talks with Chivas Brothers for partnership.
Globus Spirits , which engaged in the business of making Indian Made Indian Liquor (IMIL), Indian Made Foreign Liquor (IMFL), IMFL bottling and bulk alcohol, rallied as much as 12.5% intraday on Tuesday after The Economic Times reported that the company is in talks with Chivas Brothers for partnership. However, the stock shed more than half of early gains after the management sent clarification on the same news item to exchanges.
The release said, "Globus Spirits is currently not in talks for any tie-up with Chivas Brothers to market its products in US & Europe. These rumours are baseless and speculative in nature. Should there be any material corporate development the company will communicate the same to the exchanges and the investor community in line with the disclosure guidelines and procedures." At 12:21 hours IST, the share was trading at Rs 122.80, up Rs 4.70, or 3.98%. Its trading volumes increased 682% to 15,76,149 equity shares as compared to its 5-day average of 2,01,568 shares. Market capitalisation of the company currently stands at Rs 282.41 crore.
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