Kingfisher Airlines up 20%; other UB group stocks also rally
MDT/PTI 13 August 2012

Kingfisher Airlines soared 20% on the bourses today on reports that the company is in discussions with several strategic and financial investors to bring fresh capital

 
The Kingfisher Airlines stock today rose sharply by 20%, to the highest trading permissible limit for the day, despite reporting widening of losses in the April-June quarter, reports PTI.
 
The airline scrip, which hit record low of Rs7.01 during early trade, recouped all the losses and surged 20% to Rs8.88 on the BSE. At the NSE, the scrip soared 19.59% to Rs8.85.
 
Kingfisher Airlines had reported widening of net loss for the quarter ended 30 June 2012 to Rs650.8 crore compared to a net loss of Rs263.5 crore in the previous corresponding period, due to costs associated with non-operating aircraft.
 
“Kingfisher continues to believe it will get capitalised and get on a path of sustained profitability. The airline is in discussions with several strategic and financial investors to bring fresh capital,” the company had said.
 
Kingfisher shares have fallen about 65% so far this year.
 
Shares in all other UB Group companies also traded with strong gains.
 
United Breweries was trading 7.96% higher on the back of 39% year-on-year (y-o-y) jump in net profit at Rs 98.64 crore for the quarter ended June 30, 2012, mainly on account of robust sales. Net sales grew 29% at Rs 1,226 crore on y-o-y basis. Among others, United Breweries Holdings gained 9.82%, United Spirits gained 7.68% and McDowell Holdings went up by 5%.
 
Surge in these stocks sharply outperformed the bearish broader market.
 
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