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The shares of Heritage Foods Limited have shot up by about 9-10 per cent during the day's trade at BSE following market buzz about a likely deal with Future Retail Limited.
The dairy-cum-retail company promoted by the family members of Andhra Pradesh Chief Minister N Chandrababu Naidu, was quoting at Rs 881.70, up 9.81 per cent.
The BSE has sought clarification from the company on a news item in a leading business channel on a likely deal between Future group and Heritage Foods.
Later in the day, top honchos of Future Group are slated to hold a press conference to announce strategic deal. The market seems to have sensed the deal.
About a month ago, responding to some news reports about Future Group and Heritage likely to strike a deal, the Heritage management made it clear that they were engaged in parleys with the Future group but no deal was struck.
In the meantime, Heritage Foods entered into a deal to acquire dairy business of Reliance Retail Limited.
Last fiscal, Heritage Foods closed with revenues of Rs 2380.58 crore and net profit of Rs 55.43 crore.
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