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Heritage Foods shares surge over 10% after it confirms talks of selling retail division to Future Group

Heritage Foods Limited surged over 8 per cent on Monday following media reports that Future Group is in talks to buy the company's retail division.

By: | Updated: September 19, 2016 4:57 PM
Heritage Foods shares surge on buzz of Future Group buying its retail division Heritage Foods Limited surged over 8 per cent on Monday following media reports that Future Group is in talks to buy the company’s retail division. (Express photo)

Heritage Foods Limited surged over 16 per cent and hit their fresh 52-week high intraday on Monday after the company clarified on reports that Future Group is in talks to buy the company’s retail division. The Bombay Stock Exchange had sought clarification from Heritage Foods Ltd with reference to the news report. The company said the discussion on the deal are underway. In a BSE filing the company said, “We confirm that both groups have been in discussion for possible business association. However, at present there is no legally binding agreement on any business collaboration/association and all discussions at this stage are exploratory in nature.”

Cheering the clarification and confirmation, Heritage Foods Limited shares were trading 14.15 per cent up at Rs 934.25 at 1.51 pm. The scrip opened at Rs 838 and touched a high and low of Rs 955.55 and Rs 838, respectively in trade so far. Later, the share price of the company ended 10.20 per cent up at Rs 901.90.

Share price of the company ended 9.60 per cent up at Rs 898.55  on NSE.

The reports quoting the sources that the details of the deal are still being worked upon. Reacting to the news, Future Enterprises surged over 1 per cent. The scrip opened at Rs 16.20 and touched a high and low of Rs 16.75 and Rs 16.20, respectively.

On a year-to-date basis, Heritage Foods stocks surged 41.66 per cent to Rs 818.45 till Sept 16, 2016. The share price of the company was trading at Rs 577.75 on January 1, 2016.

Heritage Foods operates businesses including dairy, retail, bakery, renewable energy, among others.

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