ITC shares up almost 2% after acquiring 100% stakes in Sunrise Foods

ITC shares: it's a conglomerate company in India located in Kolkata, West Bengal . The corporate was established in 1910 as an “Imperial Tobacco Company in India” later it renamed as “India Tobacco Company Limited”. After in 1974, it renamed as I.T.C Limited. Whereas, the corporate manufactures Cigarettes, Bidi, and Food with the name as ITC.

Meanwhile, the businesses shares jumped almost 2% within the stock exchange on Tuesday. the most reason for this is often the corporate getting to acquire 100% shareholdings in Sunrise Foods.

Besides, the corporate also made a share purchase agreement (SPA) on May 23rd. Therein agreement it's getting to acquire 100% stakes of Sunrise Foods Private Limited. Whereas, the Sunrise company is especially engaged within the business of spices under the name ‘Sunrise’. the corporate also mentioned different terms and conditions within the SPA agreement.

Whereas, the acquisition of the corporate will strengthen the portfolio and aspiration of the ITC brand within the Spices business. However, Credit Suisse maintained its target of the Sunrise at Rs 190 per each share.

However, the Credit Suisse also mentioned about the acquisition process between the 2 companies. It stated the acquisition of Sunrise will help ITC to become one among the most important FMCG companies in India.

The shares of the ITC Limited on Tuesday reported a bullish trend within the stock exchange . The ITC Shares gained 3.35 points with a 1.80% increase and reached 189.60 INR. While in BSE, the corporate gained 3.30 points with a 1.77% increase and reached 189.65 INR.


Stock Market May 26th:

The early trend of both Sensex and Nifty reported a bullish trend within the stock exchange but after a while both, Sensex and Nifty reported bearish trends within the stock exchange . The Sensex is trading below 30,700 levels, and Nifty is trading below 9,100 levels within the stock exchange . The Sensex lost 49.68 points with a 0.16% decrease and reached a 30,621.69 level. While Nifty lost 3.00 points with a 0.033% decrease and reached 9,033.70 level.

On the opposite side, the amount of coronavirus cases in India reached 1,45,380 as of Tuesday, May 26, and deaths reached 4,167.

In the border market, the S&P BSE Smallcap index reported a bullish trend within the stock market on Tuesday. It gained 58.58 points with a 0.56% increase and reached a ten ,582.81 level. The S&P BSE Midcap index gained 138.08 points with a 1.23% increase and reached an 11,408.86 level. While Nifty Bank gained 139.55 with a 0.81% increase and reached a 17,418.35 level.