India's Craftsman Automation jumps on Sunbeam acquisition plan

Craftsman Automation

25/06/2024 06:34

** Shares of Craftsman Automation Ltd  CRAF.NS  up 9.8% at
5,304.35 rupees, highest since Jan. 2, 2024
    ** Auto parts maker on Monday signed non-binding agreement
to acquire aluminium die-cast parts maker Sunbeam Lightweighting
Solutions
    ** CRAF began operating in die-cast business in 2016
    ** CRAF did not disclose deal value; did not immediately
respond to a Reuters' request for comment
    ** Stock set for best day since July 2023, if gains hold
    ** Over 466,000 shares traded, 6.9x its 30-day avg volume
    ** Sunbeam counts India's largest automater Maruti Suzuki
 MRTI.NS  and top two-wheeler maker Hero MotoCorp  HROM.NS 
among its clients
    ** Six analysts tracking stock rate it "buy" on avg; median
PT is 5,083.50 rupees - LSEG data
    ** Stock trims YTD losses to 1.2%


 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))