Share price of Tata Chemicals rose to an intraday high at Rs606 per share or over 8% high at NSE after the company announced about transfering its consumer products biz to Tata Global Beverages (TGB).
On Wednesday, Tata Chemicals Limited in a release said that the company will de-merge its consumer products business in an all equity transaction. Tata Chemical’s Consumer products will include all of Tata Chemicals’ Consumer products such as spices, salt, pulses, snacks, natural sweeteners, protein foods and detergents.
The transfer is also expected to merge key brands like Tata Tea, Tata Salt, Tata Sampann and Tetley under a single umbrella.
At 11:40 am, Tata Chemicals’ stock price surged 7.29% to Rs 597.40 per share on the NSE. In comparison, the NSE Nifty50 traded at 11,174.70 up 17.70-pts and Sensex at 37145.77, up 30.89pts.