The News International Team
01:30pm Emami in focus
FMCG major Emami has acquired controlling stake in Australia based Fravin Pty Ltd along with it’s three subsidiaries for an undisclosed sum.
The acquisition of 66.67 percent stake in Fravin Pty Ltd, a firm manufacturing natural and organic personal care products, has been done by the company’s arm Emami International FZE, Emami said in a statement.
Commenting on the development, Emami Director Harsh Agarwal said: “The Fravin acquisition is in sync with the Company’s strategy to grow aggressively through both organic and inorganic routes in India and overseas.”
This is a significant step for the organisation as the acquisition marks Emami’s entry into organic personal care products where it was not present earlier, he added.
Fravin will be a part of Emami’s International business division, which contributes around 14 per cent to the total FMCG business. Emami has presence in over 60 countries across the world. The scrip of Emami hit 52-week high of Rs 930.5. The stock gained more than 5 percent.
01:00pm Market Check
The market continued to see buying interest in afternoon trade. The 30-share BSE Sensex gained 95.26 points at 28984.12 and the 50-share NSE Nifty rose 20.75 points to 8750.25, supported by private banks, healthcare and select auto stocks.
The market breadth turned in favour of declines. About 1275 shares have advanced while 1431 shares declined on the Bombay Stock Exchange.
The improvement in the macro environment triggered by policy measures is gathering pace, feels Dipen Sheth of HDFC Securities.
In an interview with CNBC-TV18, Sheth says there are multiple macro triggers in the market, which is causing global fund managers to turn bullish on India.
Tata Motors surged 3 percent on launching Bolt Bolt petrol variant at Rs 4.65-6.35 lakh (ex-Mumbai) and diesel variant at Rs 5.75-7.32 lakh (Ex-Mumbai) today. The company said it already received 50,000 bookings so far.
Drug maker Sun Pharma maintained its leading position in the buying list, up nearly 4 percent. Axis Bank, Infosys, ONGC and Cipla gained 1-2 percent. However, Reliance Industries and ONGC fell more than 2 percent. SBI and Hero Motocorp lost over a percent. HDFC, Hindalco Industries and Maruti Suzuki declined 0.8 percent each.