India's Carysil hits 1-month high as unit looks to buy Tap Factory

Carysil

05/04/2023 05:44

** Shares of kitchen sinks and tiles manufacturer Carysil
Ltd up as much as 4.5% at 575.50 rupees, their highest since
March 9 
    ** Co on Tuesday said its unit Carysil UK Ltd will acquire
70% stake in Yorkshire-based Tap Factory Ltd for £1.16 million 
($1.5 mln)
    ** Adds, it has option to buy remaining 30% stake in two
tranches at an enterprise value of 6 times the EBITDA over next
two years
    ** Stock on track to rise for fourth straight session, if
gains hold
    ** Over 37,000 shares change hands by 09:52 a.m. IST, 0.3x
the 30-day moving avg
    ** As of last close, stock up ~18% so far this year,
extending its ~43% gain in 2022
    
    ($1 = 0.8010 pounds)

 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))