India's Pricol gains on deal to buy injection moulding business

Pricol

03/12/2024 07:30

** Shares of Pricol  PRCO.NS  climb as much as 5.8% to 523.8
rupees, its highest since late-Aug
    ** Automotive tech co proposes acquisition of Sundaram Auto
Components' injection moulding business for 2.15 bln rupees
($25.4 mln) in cash
    ** Brokerage Emkay Reserach says deal will enable co scale
its ops into a growth-focussed independent vertical
    ** Says deal will cause limited strain on PRCO's balanced
sheet and could lead to a 6% upgrade in EPS 
    ** Stock eyes busiest trading session since early-Aug.,
volumes nearly 6x the 30-day avg 
    ** PRCO last up 1.7%, extending YTD gains to ~33%
 
 ($1 = 84.7340 Indian rupees)

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