Keep an eye on this FMCG stock, which was locked in the upper circuit on December 06; here's why!

Today, the stock of this company was locked at 20 per cent at Rs 266.15 per share.

One of the Top Gainers on the BSE today, shares of Dhunseri Tea & Industries Ltd surged and reached an upper price band of Rs 266.15 per share, after being locked in the 20 per cent upper circuit. Recently, the company has entered into a memorandum of understanding (MoU) with Apeejay Tea Limited for the acquisition of the two tea estates, namely Budlabeta Tea Estate and Hapjan Tea Estate located in Tinsukia District in Assam to enhance production, turnover and profitability. 

The cost of acquisition is Rs 109 crore (gross). Budlabeta Tea Estate has 1491 hectares of land and Hapjan Tea Estate has 1485 hectares of land which will be also acquired by Dhunseri Tea & Industries Ltd. The acquisition will be completed by January 31, 2023. 

Dhunseri Tea & Industries Ltd is engaged in the cultivation, manufacture and sale of tea through its estates located in Assam, India and parts of Africa. Today, the share of the company saw a spurt in volume by more than 71 times on BSE. The stock is up by 35.20 per cent in one month while BSE Sensex is just up by 2.36 per cent in one month. 

Investors should keep an eye on this stock.