Tilaknagar Inds in good spirits
Tilaknagar Industries had been hitting a new low consistently sjnce 18th Marc but today, the stock has bounced back into the green sharply. With volumes going up over 3 times, the stock is currently up 12% at Rs.22.50.
This sharp bounce back is on the buzz that Africa’s leading producer of liquor, Distell group, is in talks with Tilaknagar to buy some of its brands. The company is sitting on a debt of around Rs.800 crore and the unconfirmed news is that it hopes to raise Rs.250 to 300 crore from the sale. The company was reportedly earlier in talks to sell a minority stake to Pernod Richard and Suntory but it did not go through, which is why the talks with Distell group.
The brands owned by Tilaknagar are Mansion House, Brigadier No 1, Vorion No 1, Madiraa, White House, Senate Royale and Courrier Napoleon.