McLeod Russel India rallies on acquisition buzz
McLeod Russel India has rallied 6% to Rs 229 on reports that the world’s biggest tea planter, has put in bids for acquisition of two tea plantation companies in Rwanda, East Africa.
The Kolkata-based company has put in bids for Mulindi Tea Co and Shagasha Tea Co, where the government of this East African country is divesting majority stake, the report suggests.
“If McLeod does emerge the winner, the twin acquisitions could give it access to 5.5 million kg of tea," added report quoting Aditya Khaitan, managing director of McLeod Russel.
The stock opened at Rs 221 and touched high of Rs 231 on the National Stock Exchange. A combined 332,861 shares have changed hands on the counter so far on both the exchanges.
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