Tata Consumer Products stock gains on reports of its bid to acquire Haldirams

In order to buy a stake in the snack-maker, Tata Consumer Products is also in talks with asset managers like Bain Capital, the report said.

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Tata Consumer Products shares were up 4 percent on September 6 after reports of its bid to acquire Indian snack major Haldirams. “Tata Group’s consumer unit is in talks to buy at least 51 percent of popular Indian snack food maker Haldiram’s,” a Reuters report said citing sources.

“However the company is not comfortable with the USD 10 billion valuation sought. If successfully concluded, a deal would see the Indian conglomerate directly compete with Pepsi and billionaire Mukesh Ambani’s Reliance Retail,” the report said, which Moneycontrol couldn’t independently verify.

In order to buy a stake in the snack-maker, Tata Consumer Products is also in talks with asset managers like Bain Capital.

At 3.30 pm market-close on the NSE, the Tata Consumer Products stock price stood at Rs 881.05, up Rs 34.75, or 4.11 percent.

However, in response to the report, Haldirams later said to CNBC-TV18, “We deny the report on stake sale. Also, we are not in talks with Tata Consumer Products.”

The financials

In Q1FY24, the Tata-group company reported a 12.44 percent year-on-year (YoY) increase in its revenue from operations at Rs 3,741 crore. Net profit for the quarter was up 22.02 percent YoY at Rs 338 crore. The operating profit margins expanded by 100 basis points on year to 15 percent.

Tata Consumer Products is in the consumer goods industry, primarily focusing on food and beverages. The company’s product range entails a wide range of products including tea, coffee, water, and packaged foods.

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