UBL in high spirits

United Breweries Ltd or UBL as it is more popularly recognized on the bourses, is today up almost 3% at Rs.797.50, with an intra day high at Rs.813. This is still far away from the 52-week high of Rs.1005.

The stock is on the buzz today on news reports that Dutch company, Heineken has upped stake in the company through open market purchases. Heineken bought 35.6 lakkh shares  from Citicorp Finance India at an average price of Rs.772.90/share. Post this buy, Heineken’s stake in UBL has gone up by 1.3% and stands at 38.76%. Prior to this deal, both Heineken and UB Holdings, as co-promoters, owned 37.41% each in UBL.