McLeod Russel ends negative, down 1%

The stock erased all its gains and slipped to a low of Rs 256. The scrip finally ended at Rs 259, down 1% from its previous close. The counter clocked volumes of 344,566 shares as compared to the two-week daily average traded volumes of 145,286 shares on the BSE.
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(Updated at 1033hrs)

McLeod Russel jumped in opening trades this morning on news of an acquisition.

McLeod's UK arm Borelli Tea Holdings acquired Uganda's Rwenzori Tea Investments for $25 million (Rs 117 crore), taking its total annual tea production to 96 million kg.

The stock touched a high of Rs 275 in early trades, but has now pared gains and is up 1.5% at Rs 265. Around 1.04 lakh shares have changed hands at the counter so far on the BSE as against its two-week daily average traded volume of around 1.45 lakh shares.