Tata Consumer Products Share Price: FMCG company Tata Consumer Products will acquire mineral water selling company Bisleri International, according to a Zee Business channel report. The deal is estimated to cost Tata Consumer Products about Rs 6,000-7,000 crore. Once the deal is sealed, the Tata Group company will become the new owner of India’s largest packaged water company.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

“Tata Group will nurture and take care of it (Bisleri) even better," Bisleri Chairman Ramesh Chauhan told media. He added that several other players had shown interest in buying the company but he believes in "Tata’s culture of values ​​and integrity".

The mineral drinking water market size of packaged drinking water is around Rs 20,000 crore. Bisleri is the market leader for bottled water with a market share of 32 per cent.

Friendshoring: How India can benefit from US' attempt to diversify supply chain

Tata Consumer Products Share Price Target

Meanwhile, shares of Tata Consumer Products climbed 3 per cent in morning deals on the back of the acquisition news of India's largest packaged water company. The counter rose 3.08 per cent to hit day's high of Rs 794.75 on NSE at 9:40 AM. Within the first few minutes of trade, a total of 98,000 shares changed hands.

The stock is up around 6 per cent this calendar compared to 4 per cent rise in the benchmark Nifty.

Zee Business panellist and market expert Sumit Bagaria said that the stock should gain momentum based on the news. He suggested buying with price targets of Rs 790 and Rs 800. Stop loss, he said, should be Rs 750.

Another panellist Vikas Sethi said that it is a win-win situation for the company and the sentiment in the stock is positive. He suggested viewers hold the shares of Tata Consumer Products and adopt the buy-on-dip strategy.

Click here to get more Stock Market updates I Zee Business Live