India's Tata Consumer, Tata Coffee jump on effective date for merger

Tata Coffee

29/12/2023 04:16

** Shares of Tata Consumer Products Ltd  TACN.NS  rise 3.7%
to a record high of 1,079 rupees
    ** Salt-and-snacks-maker says its merger with Tata Coffee
 TACO.NS  will be effective from Jan. 1
    ** Merger was announced in late 2022; TACO shareholders to
get one TACN share for every 22 TACO shares held
    ** Stock jumps most since Sept. 6, when it was reported that
TACN was in talks for 51% stake in snacks maker Haldiram's
    ** TACO shares also rise to a record high; currently up 3.5%
    ** TACN rated "buy" on avg by analysts, in-line with most
other stocks on 15-member Nifty FMCG index  .NIFTYFMCG 
    ** TACN up 38% YTD, around 2x benchmark Nifty 50 index's
 .NSEI  gains; set for best year since 2020

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))