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Dabur India (Acquisition to strengthen African portfolio, ADD): Dabur’s acquisition of US-based Namaste Laboratories is a move to develop a complete personal-care portfolio for Africa. Namaste manufactures hair-care products specially formulated for African Americans, and draws c11% of its current sales from Africa. Dabur’s management looks to significantly expand its product footprint in Africa while maintaining stable growth in the US market. The transaction is EPS-accretive by 4-5% in the near term and is a good strategic fit over a 3-5 year horizon for Dabur’s fast-growing Africa business. While near-term margin pressures in the Indian FMCG business due to steep raw-material inflation remain an overhang on the stock, Dabur’s medium-term prospects remain strong, given its differentiated brand positioning and diversified domestic and international business. We retain ADD.