India's Sheela Foam rises on report of acquiring Kurlon Enterprise

Sheela Foam

28/06/2023 06:27

** Shares of Sheela Foam Ltd  SHEF.NS  rise as much as 8.2%
to 1,268 rupees, highest since Feb. 2
    ** Co to acquire rival Kurlon Enterprise for 32.50 bln
rupees ($396.33 mln), Moneycontrol reported, citing sources
    ** Sheela Foam and Kurlon Enterprise did not immediately
respond to Reuters' request for comment
    ** SHEF trading above its moving average convergence
divergence line (MACD), indicating bullish sentiment
    ** More than 381,679 shares change hands by 10:45 a.m. IST
vs 4.0x 30-day avg of 96,588 shares
    ** Analysts covering the stock on average have a "buy"
rating; median PT is 1,360 rupees - Refinitiv data
    ** Stock down 9.8% YTD up to last close



($1 = 82.0020 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))