Allied Blenders stock jumps over 8% on collaboration reports with 2 global spirits companies

Shares of Allied Blenders and Distillers jumped over eight percent to Rs 317 per share on August 12, after a report in The Economic Times stated that the company is in advanced talks with two global spirits giants - Russian Standard and Thai Beverage to market and distribute their products in India.

The report added that the potential partnership would help the company diversify its product offerings beyond whisky, venturing into segments like vodka and scotch. The two international brands would also gain a strong foothold in India, which is one of the world's biggest alcohol consuming country.

Listed just a month back, the stock of Allied Blenders has surged nearly 13 percent from IPO's upper price band of Rs 281 apiece. The Rs 1,500-crore IPO also received a robust subscription at 23.55 times, led by non-institutional investors at 32.4x, qualified institutional buyers at 50x, and retail investors at 4.51x their allocated shares.