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Shares of United Spirits rallied on March-quarter results. The stock jumped as much as 7.1 per cent to Rs 3,340.95, highest in a fortnight.
The company had on Thursday posted a March-quarter profit of Rs 211 crore ($30.92 mln), compared with a loss of Rs 104 crore a year ago.
Macquarie Research has kept the rating unchanged at 'underperform' and a target price at Rs 2,212. Q4 EBITDA was 5 per cent below estimates on account of higher employee and advertisement & promotion costs, it said.
Of 21 analysts covering the stock, seven have a 'buy' rating, five have 'hold' and nine have 'sell' or lower rating; their median target price is Rs 3,250. Shares of United Spirits had fallen 15 per cent this year as of Thursday's close.
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