India's PCBL hits record high on approving acquisition of Aquapharm Chemicals

PCBL Chemical

29/11/2023 04:37

(Repeats to widen distribution)
    ** Shares of specialty chemicals manufacturer PCBL  PCBL.NS 
up as much as 6.19% to a record high of 270 rupees
    ** PCBL said it will acquire 212,172 shares of Aquapharm
Chemicals for a deal worth 38 billion rupees ($456.21 million)
    ** Analysts' average rating on stock is equivalent of "buy",
their median PT is 256.5 rupees 
    ** PCBL is trading above its 50-, 100-, and 200-day simple
moving averages
    ** Co's relative strength index is above 70, indicating that
it has been overbought 
    ** About 6.2 mln shares change hands, 1.3 times of 30-day
average 
    ** Stock last up 4.5%, extending YTD gains to ~133% 

($1 = 83.2950 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))