Tata Consumer Products shares fell 1.87% to Rs 862.5 at 09:20 am on September 7 after the company denied reports that it was in talks to buy a stake in the Indian snack chain. Haldiram’s. Shares rose more than 4% in the previous session on reports of interest in Halidram.
On September 6, Reuters reported that Tata Consumer Products was in talks to buy at least a 51 percent stake in Haldiram, but added that it was not satisfied with the expected $10 billion valuation.
In the exchange filing, the Tata group company denied this information. “The company did not enter into negotiations as outlined in the article mentioned above,” Tata Consumer Products said in the filing, referencing the report. Haldiram also denied the same on CNBC-TV18. In the April-June quarter, Tata Consumer’s revenue increased 12.44% year-on-year (y-o-y) to Rs 3,741 crore. Net profit for the quarter increased 22.02% year-on-year to Rs 338 crore. Operating margin increased by 100 basis points year-on-year to 15%.
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