India's PI Industries rises most in 1-1/2 yrs after deals spree

PI Industries

28/04/2023 06:18

** Shares of PI Industries Ltd  PIIL.NS  rise as much as
10.4% to 3,462.3 rupees, biggest intraday pct gain since Aug.
2021
    ** Agro-chemicals maker on Thursday said unit PI Health
Sciences acquired 100% stake in U.S. based chemical research
firm Therachem Research Medilab LLC's Indian units TRM (India)
and Solis Pharmachem for deals worth $42 mln and $3 mln
respectively
    ** PIIL's Netherlands unit also acquired 100% stake in
Archimica S.p.A. from Plahoma Twelve GmbH for 34.2 mln euros    
    ** Stock trading above its 50-, 100-, and 200-day moving
averages
    ** Stock's relative Strength Index (RSI) is over 70,
indicating it is overbought 
    ** About 1.7 mln shares change hands by 10:30 a.m. IST, more
than five times the 30-day avg - Refinitiv Data
    ** Average rating of 24 analysts covering the stock is
'buy'; median PT is 3,755 rupees
    ** Up to last close, stock was down 10.4% so far this year


 (Reporting by Priya Sagar and Biplob Kumar Das in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com))