India's Tata Consumer Products rises on reports of $857 mln Bisleri acqusition

Tata Consumer Products

24/11/2022 04:21

** Shares of coffee and tea producer and distributor Tata
Consumer Products Ltd  TACN.NS  rise as much as 3.2% to 794.75
rupees, their biggest intraday pct gain since Sept. 13
    ** Co set to buy packaged water maker Bisleri International
for up to 70 billion Indian rupees ($857.00 million), The
Economic Times newspaper reports citing Bisleri chairman Ramesh
Chauhan 
    ** TACN and Bisleri did not respond to a Reuters request for
comment
    ** Stock hits its highest since Oct. 6
    ** More than 2.4 mln shares change hands by 0411 GMT vs
30-day avg of more than 1.2 mln shares
    ** Nineteen of the 24 analysts covering the stock have a
"buy" or "strong buy" rating, 4 have "hold" while 1 rates it at
"sell"; median PT is 860 rupees - Refinitiv data
    ** Stock up ~3.6% YTD up to last close
($1 = 81.6800 Indian rupees)
 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))