Tata Consumer dips 3% after it denies 51% stake buy buzz in Haldiram's

Shares of Tata Consumer Products (TCPL) fell 3 per cent to Rs 853.85 on the BSE in Thursday’s intra-day trade after the company denied news reports that it was in talks to buy a stake in Indian food snack chain Haldiram’s. The stock surged over 4 per cent in the previous session following the report about interest in Halidram’s.On clarification on news report, TCPL said that the company is not in negotiations as reported. "However, the company evaluates various strategic opportunities for growth and expansion of the business of the company, on an ongoing basis. The company will make appropriate announcements, as and when any such requirement arises," Tata Consumer said.

Meanwhile, in the past six months, the stock of TCPL has outperformed the market by surging 19 per cent as compared to 9 per cent rise in the S&P BSE Sensex. However, in the past one year, it has underperformed by gaining 4 per cent as against 11 per cent rally in the benchmark index.TCPL is engaged in the trading, production, and distribution of consumer products mainly tea, coffee, water, salt, pulses, spices, snacks, ready-to-eat packaged foods products etc. collectively termed as branded business. The Group has branded business mainly in India, Europe, US, Canada and Australia. The non-branded plantation business is in India and tea and coffee extraction businesses are mainly in India, Vietnam and the US.