Heritage Foods stock surges over 10% on stake sale talks

Shares of Heritage Foods today surged over 10 per cent after the company said it is in talks with Kishore Biyani-led Future Group for a possible stake sale to the home-grown retail major.
The stock jumped 10.20 per cent to settle at Rs 901.90 on BSE. During the day, it soared 16.75 per cent to Rs 955.55 -- its 52-week high.
On NSE, the shares advanced by 9.58 per cent to close at Rs 898.45.
On the volume front, 2.21 lakh shares of the company were traded on BSE and over 10 lakh shares changed hands at NSE during the day.

"We confirm that both groups have been in discussion for possible business association... However, at present, there is no legally binding agreement on any business collaboration or association and all discussions at this stage are exploratory in nature," Heritage Foods said in a clarification to BSE.
Heritage Foods was responding to reports that the company is in advanced talks with the Future Group to sell its retail business.
Heritage Group, which was founded in 1992 by N Chandrababu Naidu, the current chief minister of Andhra Pradesh, reported a turnover of Rs 2,380.58 crore in the previous fiscal.
The company has operations in dairy, retail, agri, bakery, renewable energy and animal feed segments.