Shares of Tata Consumer Products Ltd. gained the most in over 10 weeks on its plan to buy Ramesh Chauhan-owned Bisleri International Pvt.
“We are in discussions with #Tatas, other players are there in the fray, but cannot share,” CNBC-TV18 tweeted quoting Chauhan. “We would like to hold on to some stake.”
The Economic Times first reported that Tata Consumer plans to buy the beverages company for Rs 7,000 crore.
Shares of Tata Consumer rose as much as 3.19%, the most since Sept. 13, in morning trades compared with a 048% rise in Nifty 50. The total traded volume was 14.3 times the 30-day average.
Of the 25 analysts tracking the maker of Tata Tea, 20 maintain a ‘buy’, four suggest a ‘hold’ and one recommends a ‘sell’, according to Bloomberg data. The average 12-month consensus price target implies an upside of 8.8%.