India's Stove Kraft Ltd rises on entering switchgear, modular kitchen business

Stove Kraft

03/01/2022 05:08

** Cooking appliance maker's shares  STOE.NS  rise as much
as 6.8% to 1,038.65 rupees, highest in nearly three weeks
    ** Company says it will buy SKAVA Electric Pvt Ltd for 40
mln rupees ($538,267.45) for foray into manufacturing low
voltage switchgear solutions
    ** Stove Kraft, the owner of Pigeon and Gilma brands, will
now make products such as electrical switches, sockets,
distribution boxes, switch boards and bulb holders
    ** Company says it will also enter branded modular kitchen
business
    ** Around 67,800 shares change hands by 0447 GMT, vs 30-day
avg of 69,427 shares
    ** Stock on track for best session since. Dec 15
    ** Since listing in February 2021, company's shares have
nearly doubled as of last close 
    
 ($1 = 74.3050 Indian rupees)

 (Reporting by Chandini Monnappa in Bengaluru)
 ((Chandini.M@thomsonreuters.com; 910867497919))