Morning Buzz: Tata Consumer stock jumps on Haldiram's buyout buzz; sugar prices at six-year high, and more
The company is said to have balked due to the $10 billion valuation Haldiram's is asking for; expectations of falling output on account of deficient rainfall in Karnataka and Maharashtra have an impact on sugar prices
A view shows packets of snacks on the shelves inside a Haldiram's restaurant in Mumbai, India. Image: M Sriram/Reuters
Foxconn planning to make EVs in India
Foxconn is looking at regional manufacturing of EVs, and after Ohio and Thailand, may look at Tamil Nadu for setting up an EV plant. It was not clear whether Foxconn would do this as a contract manufacturer or sell the product under its own brand. Chairman Young Liu also said that India would become a new manufacturing centre in the world and the ecosystem that took 30 years to build in China would be faster here.
(Economic Times)
Tata Consumer stock jumps on Haldiram's buyout buzz
Shares of Tata Consumer rose 4 percent to Rs870 on news that the company may be exploring a buyout of Haldiram's. The company is said to have balked due to the $10 billion valuation Haldiram’s is asking for. Separately Haldiram's has also been in talks with Bain to offload a 10 percent stake in the company. Haldiram's denied that it was on sale.
(Business Standard, BusinessLine, Economic Times)
Sugar prices at six-year high
Sugar prices hit a six-year high of Rs37.75 per kg due to expectations of falling output on account of deficient rainfall in Karnataka and Maharashtra. The 2023-24 season is expected to see a fall in production to 31 million tonnes from 32.5 million tonnes in the current season. Domestic demand stands at 27.3 million tonnes, with 4 million tonnes supplied for ethanol production.
