India's Aeroflex Industries up on deal to buy Hyd-Air Engineering

Aeroflex Industries

02/04/2024 08:17

** Shares of Aeroflex Industries  AERO.NS  up 5.6%, paring some
gains after rising as much as 7.2% to hit day's high of 140.25
rupees
    ** Metallic tube and hose maker said that the board has
approved to buy complete stake in Hyd-Air Engineering, which
makes hydraulic fittings for 172.1 mln rupees ($2.1 mln)
    ** Co plans to invest about 180 mln rupees in Hyd-Air to
increase the production capacity over the next two-three years 
    ** More than 1.1 mln shares change hands by 12:45 p.m. IST,
2.3x the 30-day avg
    ** Stock on track for a third consecutive session of gains,
if trend holds 
    ** Including session's move, stock down 10.8% YTD 

($1 = 83.3390 Indian rupees)

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))