Business Daily from THE HINDU group of publications
Tuesday, Jul 31, 2007
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Business Daily from THE HINDU group of publications Tuesday, Jul 31, 2007 ePaper |
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Personal Products Corporate - Mergers & Acquisitions Markets - Stocks
K. Giriprakash Bangalore, July 30 The soap-to-software firm Wipro Group’s Chairman, Mr Azim Premji, has picked up a small stake in one of the country’s top FMCG companies Marico Industries. Confirming the investment, Marico’s Chief Financial Officer, Mr Vinod Kamath, told Business Line that Mr Premji in his personal capacity has picked up 1.24 per cent stake (75.72 lakh shares) in the company. He picked up the stake during the first quarter of this financial year. The Marico share price closed higher at Rs 55.95 on Monday on the BSE. A spokesperson for Wipro declined to comment on the development. According to an analyst, the acquisition of the stake could be part of the portfolio investment by Mr Premji’s investment firm, Premji Invest. During 2006-07, Marico’s turnover grew 36 per cent to Rs 1,557 crore while net profit rose 30 per cent to Rs 113 crore. Wipro Consumer Care & Lighting early this month had bought the Singapore-headquartered Unza Holdings in an all-cash deal for about Rs 1,100 crore. Though the stake in Marico picked up from the secondary market is considered minuscule, analysts say that it clearly indicates the growing interest of Wipro in the FMCG sector. Media reports suggest Wipro may buy a leading bottled water brand.
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