Morgan Stanley upgrades Marico to overweight after acquisition of Satiya

Satiya Nutraceuticals owns the brand Plix, which has a product range across weight management, hair and beauty, sleep and nutrition categories, said the company in an exchange filing dated July 26.

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Marico shares were up 0.62 percent at Rs 536 at 9.21 am on the National Stock Exchange after the company entered into a definitive agreement to acquire 32.75 percent stake in a plant-based nutrition company, Satiya Nutraceuticals.

A definitive agreement is a binding contract that records final terms and conditions between two companies.

Morgan Stanley has an overweight rating on the stock with a target price of Rs 611. The brokerage firm said that Plix brand will help Marico achieve Rs 400 crore revenue target in FY24. “The acquisition will help Marico expand into value-added wellness and nutrition portfolio and has a target of scaling up its foods, digital-first and personal care portfolios,” said Morgan Stanley.

Satiya Nutraceuticals owns the brand Plix, which has a product range across weight management, hair and beauty, sleep and nutrition categories, said the company in an exchange filing dated July 26. Marico already has a presence in the health and nutrition market but it plans to expand its market share in the segment through the acquisition. Satiya Nutraceuticals had a turnover of Rs 106 crore in FY22-23.

Marico will acquire the company for Rs 369 crore. Marico also plans to acquire an additional 22.5 percent stake in Satiya Nutraceuticals which will be completed in one or more tranches by May 2025.

“We are confident that the innovative range of plant-based products, combined with robust fundamentals, will propel the brand towards expanding its footprint in chosen in product categories and marketplaces,” said Saugata Gupta, managing director and chief executive director of Marico. ​

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