India's PI Industries gains on plans to acquire Plant Health Care

PI Industries

27/06/2024 05:23

** Shares of PI Industries  PIIL.NS  rise 2.5% to 3865
rupees
    ** The agricultural chemicals maker announced an offer to
acquire UK based agricultural chemicals firm Plant Health Care
Plc  PHC.L  in a deal for about 32.8 million pounds ($41.44
million) 
    ** Brokerage Centrum said the acquisition shall strengthen
PI's biologicals portfolio despite initially decreasing EPS
(earnings per share) due to losses
    ** Adds, it maintains 'BUY' rating with unchanged target
price of 4,190 rupees
    ** Stock on track to snap a two-day losing streak, if gains
hold
    ** Twenty-three analysts covering the stock on avg have a
"buy" rating; median PT is 4,188 rupees - LSEG data
    ** Stock up ~9% YTD, eyes best monthly gain since Feb
    


($1 = 0.7916 pounds)

 (Reporting by Yagnoseni Das in Bengaluru)
 ((Yagnoseni.das@thomsonreuters.com))