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