India’s JK Cement rises on stake purchase plan in Acro Paints

J K Cement

22/12/2022 10:40

** Shares of JK Cement Ltd  JKCE.NS  gain as much as 2% to
3,062.2 rupees 
    ** The cement maker says it proposes to acquire a 60% stake
in Acro Paints through its subsidiary JK Paints and Coatings Ltd
for 1.53 bln rupees ($18.5 million)  urn:newsml:reuters.com:*:nFWN33C018
    ** Remaining 40% shall be acquired over a period of 12
months, JKCE says in an exchange filing
    ** Says acquisition would fast-track JKCE's entry into
paints business and potentially foray into new markets
    ** Fifteen out of 24 analysts are bullish on the stock with
mean analyst rating of “buy;” median PT is 3,181.5 rupees –
Refinitiv data
    ** Stock has traded above its 100-day moving average since
Oct 17, suggesting bullish momentum 
    ** ~107,000 shares traded as of 3:25 IST vs 30-day moving
average of 125,589 shares
    ** Stock closed at 3,039.45 rupees 
    ** Up to Thursday's close, stock has fallen ~10.57% YTD, set
to snap three consecutive years of gains 
($1 = 82.74 rupees)
 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com;))