Zydus set to buy domestic business of Kraft Heinz

Bhagyashree Vivarekar
/ Categories: Trending, Markets, DSIJ News

Zydus Wellness, the maker of packaged foods specifically under brand names, Everyuth, Nutralite and Sugar-Free is mulling to buy a part of the Indian business of Kraft Heinz Company. The portfolio includes well-known health drink Complan, instant energy drink Glucon D, Nycil talc, and Sampriti clarified butter. The company promoted by Cadila Healthcare is expected to announce the deal during the week, said news reports.

Zydus would acquire the business for a consideration of Rs. 46,000 crore which it expects to raise through private equity mode for at least part of the amount. Kraft Heinz is said to have sought US$1 billion for these assets, while Tata Group and Dabur India were among the bidders.

The stock of Zydus Wellness opened with a gap-up of 99 points but was open-high and hence tumbled down to trade 0.5 per cent higher than its previous close on NSE. The stock had given a Doji on October 23 and would become a swing low provided, the stock sustains above its previous low.

The oscillators are lying in the oversold zone and hence if the stock bounces, we hold Rs. 1,343-1,364 followed by 1450 as the resistance. However, the stock has just broke its two major supports at 1,296 and 1,276 and hence if it continues to trade below 1,235, we hold 1,243 followed by 10,127 as the supports.


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