India's Lloyds Metals hits record high on buying majority stake in infra co

Lloyds Metals And Energy

24/12/2024 08:40

** Lloyds Metals and Energy  LYMT.NS  rises as much as 2.7%
to a record high of 1,194 rupees
    ** Iron and steel manufacture buys majority stake in
Thriveni Earthmovers Infrastructure, exchange filing showed
    ** Says acquisition will bring 700 bln-rupee ($8.2 bln)
order book in 15-18 years; add to co's rev and profit, with ~270
bln rupees in cumulative rev and 90 bln rupees in EBITDA between
FY26-28
    ** More than 1.1 mln shares traded, 1.8x the 30-day avg
    ** Stock rated "strong buy" on avg; median PT is 1,200
rupees - LSEG
    ** LYMT up ~98% YTD

($1 = 85.1570 Indian rupees)

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))