ITC is looking to acquire a 47 percent stake in Prataap Snacks, which makes the popular “Yellow Diamond Chips”, the Economic Times reported on February 22.
Shares of Prataap Snacks surged almost 14% in early deals to hit an intraday high of Rs 1,344.65. At 9.41 am, the share was trading 8.79 percent higher on NSE/BSE at Rs 1,280.Prataap Snacks makes the popular Yellow Diamond Chips and sells traditional Indian snacks under the Avadh brand.
Shares of the company rose as much as 14.29% to Rs 1,344.65 apiece, the highest level since Jan. 24. It pared gains to trade 9.29% higher at Rs 1,285 apiece as of 9:23 a.m. This compares to a 0.03% decline in the NSE Nifty 50. It has risen 63.79% in past 12 months. Total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 58.28.