Latest News | ITC Shares Jump Nearly 3 Pc on Sunrise Foods Deal

New Delhi, May 26 (PTI) Shares of ITC on Tuesday closed nearly 3 per cent higher after the company said it will fully acquire spices manufacturer Sunrise Foods Private Ltd (SFPL).

The scrip rose by 2.76 per cent to close at Rs 191.50 on BSE. During the day, it gained 4.61 per cent to Rs 194.95.

Also Read | Earnings of Sensex Companies to Decline Up to 8 Percent in FY 2020–21: Analyst.

It jumped 2.81 per cent to close at Rs 191.60 on the NSE.

In terms of traded volume, 16.67 lakh shares were traded on the BSE and 5.32 crore shares on the NSE during the day.

Also Read | Reliance Launches JioMart Across 200 Cities; Analysts Say Company Eyeing Spike in Online Grocery Orders.

While the company did not disclose the value of the deal, sources said it is valued around Rs 1,800 crore to Rs 2,000 crore.

The company on Sunday said it has signed a share purchase agreement with SFPL which will augment its product portfolio and is also aligned to its aspiration to significantly scale up its spices business and expand its footprint across the country.

"Sunrise is a clear market leader in eastern India in the fast-growing spices category with a rich heritage and brand legacy of over 70 years," ITC said in a statement. Market was closed on Monday for 'Id-Ul-Fitr'.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)