Tata Global Beverages surges by 3 per cent on acquisition buzz
The share price of Tata Global Beverages rose on the bourses on Monday on speculations surrounding the company’s acquisition of beverages company Hector Beverages and their brand Paper Boat. The beverages giant Tata Global Beverages has approached notable shareholders of Hector Beverages for acquisition of the company, said media reports.
The company is actively looking to expand its product line beyond tea, coffee and water products in order to compete with global soft-drink majors such as PepsiCo or Nestle, according to reports. The company may even foray into dairy segment for expansion.
Tata Global Beverages have posted an increase of over 19 per cent in its net profit for the third quarter of fiscal year 2018 on a yearly basis. The company recorded a surge of over 93 per cent on the bourses over the past one year.
Tata Global Beverages surged by over 3 per cent to hit its intraday high of Rs. 286.50 per share on BSE. The stock hit an intraday low of Rs. 281.10 per share on BSE on Monday. The stock had hit 52-week high of Rs. 328.80 per share on January 15, 2018 and 52-week low of Rs. 136.65 per share on February 2, 2017, respectively.