UNITED Spirits (USL), owner of the Whyte & Mackay whisky house, posted its biggest single-day share gain since at least 1995 as investors reacted positively to news that Diageo, the company behind Johnnie Walker, is poised to buy a stake of up to 53.4% in the Indian company.
Morgan Stanley, JP Morgan and CLSA were among the houses to raise their ratings to the equivalent of a "buy", as they expect United Spirits' debt to fall and profits to rise after the deal, which will cost Diageo up to £1.3 billion. USL's shares previously rose 1.3% on Friday when the deal was announced.
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