Punjab National Bank declares United Breweries (Holdings) as wilful defaulters

The company is in consultation with its legal counsels to challenge the decision by taking appropriate legal action that may be required in this regard.

United Breweries (Holdings) Ltd has informed BSE that the Punjab National Bank vide its letter dated February 11, 2016, received by the Company on February 15, 2016, has declared the company as a ‘Willful Defaulter’.

The company is in consultation with its legal counsels to challenge the decision by taking appropriate legal action that may be required in this regard.

Stock view:

United Breweries (Holdings) Ltd ended at Rs. 22.7, up by Rs. 1.25 or 5.83% from its previous closing of Rs. 21.45 on the BSE.

The scrip opened at Rs. 22.05 and touched a high and low of Rs. 23.2 and Rs. 22.05 respectively. A total of 152034(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 151.68 crore.

The BSE group 'B' stock of face value Rs. 10 touched a 52 week high of Rs. 35.8 on 10-Nov-2015 and a 52 week low of Rs. 17 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 26.55 and Rs. 20.3 respectively.

The promoters holding in the company stood at 52.34 % while Institutions and Non-Institutions held 4.88 % and 42.78 % respectively.

The stock traded above its 100 DMA.