India's Prince Pipes gains on $6.6 mln deal with Klaus Waren Fixtures

Prince Pipes and Fittings

21/03/2024 04:49

** Shares of Prince Pipes and Fittings  PRCE.NS  up as much
as 4.2% at 552.35 rupees 
    ** Co said on Wednesday that it plans to buy the faucet
maker brand Aquel and a plant in the state of Gujarat, from
Klaus Waren Fixtures for 550 million rupees ($6.6 mln)
    ** Acquisition will be funded through internal accruals and
is structured in two phases - PRCE 
    ** Stock up 1.8% for the week so far, poised to snap six
straight weekly losses 
    ** Eyes third consecutive session of gains, if trend holds
    ** More than 194,000 shares change hands by 10:18 a.m. IST,
1.2x the 30-day avg
    ** Mean rating of 12 analysts covering stock is "buy;"
median PT is 778 rupees - LSEG data


($1 = 83.0960 Indian rupees)

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))