UB Holdings, United Breweries up 9-10% on Mallya's comments

Moneycontrol Bureau

Shares of United Breweries (up 9 percent) and UB Holdings (up 10 percent) rallied in trade on Friday. The stocks saw strong buying interests after positive comments from Chairman Vijay Mallya in the AGM held yesterday reassured investors.

Mallya said he is confident that UBHL will settle the winding up petitions soon and did not rule out-of-court settlements.

Addressing the investors, Mallya said the situation of the company has not yet changed in Tamil Nadu with a drastic drop in its market share due to the ordering patterns, followed by the State Marketing Corporation, sole retailer of IMFL in the state.

Mallya, however, hoped that Tamil Nadu government would give UBL a fair share of orders for its brands as they "very popular" among the consumers there.

United Breweries Holdings closed at Rs 27.70, up Rs 2.50, or 9.92 percent while United Breweries ended at Rs 863.90, up Rs 48.10, or 5.90 percent.

(With inputs from PTI)