MUMBAI: A 34% rise in the stock price of United Breweries in just two trading sessions has left market traders flummoxed, even as the company, in a filing with the NSE on Tuesday, said that it was not aware of the reasons for the rise in trading volumes.

The United Breweries stock ended 13.2% higher at Rs 611.55, topping up on an 18.3% rise on Monday. On Friday, the stock had closed at Rs 456.35.

As the stock price rose, the company's market cap jumped from about Rs 12,000 crore on Friday to about Rs 16,100 crore now.

The sharp rise in the stock price has led to several rumours on Dalal Street, from a partial stake offloading in the company by Vijay Mallya to even a majority stake sale. The UB group has been passing through a rough patch with the group's airlines business, Kingfisher Airlines, deep in the red and struggling to survive. In the last three months, the airline has faced several problems on the operational as well as financial fronts, including refusal on the part of several banks to lend to it to stay afloat.

In the last few weeks, Mallya and the top management at the group have all strongly denied any plans to sell stake in its alcoholic beverage business.

Source :timesofindia.indiatimes.com