India's Kirloskar Oil Engines rises on acquiring balance stake in LGM

Kirloskar Oil Engines

22/09/2022 06:19

** Shares of diesel engine and agricultural pumpsets
manufacturer Kirloskar Oil Engines  KIRO.NS  rise as much as
5.59% to 247.6 rupees, highest since Sept. 16
    ** Stock posts biggest intraday pct gain since Sept. 8
    ** KIRO stock recovering after 2 straight sessions of losses
    ** Co said it will acquire balance 24% stake in electric
pumps and pumpsets manufacturer La-Gajjar Machineries (LGM)
 urn:newsml:reuters.com:*:nFWN30S11H
    ** Co had acquired 76% stake in LGM in 2017 with agreement
that the balance holding will be acquired by co over 5 year
period (https://bityl.co/EdR6)
    ** KIRO said it has approved the exercise of exit option, as
per the shareholders' agreement (https://bityl.co/EdR7)
    ** More than 244,767 shares change hands by 0459 GMT vs
30-day avg of 1.3 million shares
    ** All 3 analysts covering the stock have a "strong buy"
rating; median PT is 279 rupees - Refinitiv data
    ** Stock up 27% YTD up to last close
 (Reporting by Anuran Sadhu in Bengaluru)