India's Manali Petrochemicals hits two-week high on acquisition of Penn Globe

Manali Petrochemicals

30/11/2022 10:06

** Shares of Indian holding company Manali Petrochemicals
Ltd  MNLI.NS  rise as much as 2.2% to 83.20 rupees, mark
sharpest intraday pct gain since Nov. 24
    ** Stock hits highest level since Nov. 16, on track for a
third consecutive session of gains
    ** MNLI on Wednesday said it acquired England-based maker of
foam control agents Penn Globe Limited [nFWN32Q0F7}
    ** Transaction was based on an enterprise value of 21
million pounds ($25 million)
    ** MNLI is involved in manufacturing and sales of
petrochemical products
    ** More than 1mln shares change hands, 2.1x their 30-day avg
of 468,403 shares
    ** Stock down 25.3% YTD, as of last close
($1 = 0.8331 pounds)
 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com))