India's Carborundum Universal gains on acquiring US firm Silicon Carbide Products

Carborundum Universal

17/09/2024 05:54

** Shares of Carborundum Universal  CRBR.NS  rise as much as
5.9%, set to snap three-session losing run
    ** Chemical manufacturer acquires 100% stake in U.S. firm
Silicon Carbide Products at enterprise value of $6.7 mln
    ** Invests 80 mln rupees ($954,324) in Grian Energy (GEPL) 
    ** Enters power purchase agreement with GEPL
    ** More than 243,000 shares traded, 1.6x the 30-day avg
    ** Avg rating of analysts is "hold"; median PT is 1,567.5
rupees, ~2.5% higher than current price of 1,529.1 rupees - LSEG
    ** CRBR last up 3.8%, extending YTD gains to ~37%

($1 = 83.8290 Indian rupees)

 (Reporting by Anuran Sadhu in Bengaluru)
 ((Anuran.Sadhu@thomsonreuters.com ;))