Zydus Wellness rose 1.5% to Rs 1,323.55 at 10:09 IST on BSE after the company announced that the Competition Commission of India has granted approval for acquisition of Heinz India jointly with Cadila Healthcare.
The announcement was made after market hours yesterday, 11 December 2018.Meanwhile, the S&P BSE Sensex was up 295.53 points, or 0.84% to 35,445.54
On the BSE, 608 shares were traded in the counter so far compared with average daily volumes of 1,814 shares in the past two weeks. The stock had hit a high of Rs 1,343.05 and a low of Rs 1,310.10 so far during the day. The stock hit a 52-week high of Rs 1,830 on 3 September 2018. The stock hit a 52-week low of Rs 918.10 on 14 December 2017.
Zydus Wellness (ZWL) announced that the Competition Commission of India (CCI) has granted approval for ZWL's acquisition of Heinz India jointly with Cadila Healthcare. The definitive agreement in relation to this acquisition was signed on 24 October 2018. ZWL will primarily be acquiring the business related to the four brands GluconD, Nycil, Sampriti and Complan, through this transaction. Of these, Complan, GluconD & Nycil have a legacy of over 50 years and Glucon-D & Nycil are leading brands in their respective markets.
The CCI approval takes ZWL one step closer to completing the acquisition, which is expected to unlock significant value for ZWL by enriching its portfolio and expanding the reach of its distribution network.
On a consolidated basis, net profit of Zydus Wellness rose 14.19% to Rs 42.16 crore on 11.87% rise in net sales to Rs 138.21 crore in Q2 September 2018 over Q2 September 2017.
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Zydus Wellness is engaged in the development, production, marketing and distribution of health and wellness products.
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