Gabriel India falls as twin deals overshadow positive Q1 results
BUZZ-Gabriel India falls as twin deals overshadow positive Q1 results ** Shares of auto parts maker Gabriel India GABR.NS fall 7.4% to 1,379 rupees
** Co says it will acquire a 28.9% stake, worth 22.31 billion rupees ($231.3 million), in HL Mando Anand India, a joint venture between South Korea's HL Mando Corporation and Gabriel's controlling shareholder Asia Investments Pvt Ltd
** Acquisition will be funded through a share swap with AIPL valued at 18.81 billion rupees, while the remaining 3.50 billion rupees will be paid in cash
** GABR will also invest $98.44 million for 37.8 million shares in HL Klemove India
** April-June quarter revenue from operations jumps 15.5%; Profit after tax rises about 2%
** 4 of 5 brokerages rate the stock "buy" or higher; their median PT is 1,283 rupees
** YTD, stock up 37%
($1 = 96.4700 Indian rupees)
(Reporting by Abhinav Parmar in Bengaluru)
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See all newsGabriel India falls as twin deals overshadow positive Q1 results
Brief: Hl Mando Q1 Operating Profit 93.6 Billion Won, Up 18% From Year Earlier
Brief: Hl Mando Q4 Operating Profit 79.7 Billion Won, Down 28% From Year Earlier
Brief: Hl Mando Q3 Operating Profit 94 Billion Won, Up 14% From Year Earlier
Brief: Hl Mando Q2 Operating Profit 104 Billion Won, Up 16% From Year Earlier