Shares in Shaw Wallace have leapt over the last week, up 10% on Tuesday and the same again yesterday. The rise has fuelled speculation on the markets and in local press that a takeover of the Indian spirits producer is imminent.

It was reported in the Economic Times that speculation centres around a hostile bid on the company by way of an open offer from business rival Vijay Mallya, chairman of the United Breweries group, the current market leader.
Mallya has denied any move, while a Shaw Wallace spokesman declined to comment.

Last year Shaw Wallace owner, the Jumbo Group, put the liquor business up for sale. However, it told its broker, McKinsey & Co., not to consider bids from United Breweries.

UK whisky group Whyte and Mackay is among the other bidders being linked to Shaw Wallace by the local press.