Shares of PI Industries Ltd. rose to a two-month high on Thursday after it said that its subsidiary will acquire Plant Health Care Plc, a UK-incorporated agriculture biological inputs company, for £32.78 million.
After the acquisition, the target entity will become a step-down subsidiary of the company, an exchange filing said. "The acquisition will enable the company to offer integrated agri-solutions across both chemicals and biologicals."
Plant Health Care's net worth stood at $10.22 million, and the turnover was $11.21 million in the year ended December 2023. The completion of the acquisition may take around three months from June 26, the filing said.
Shares of the company rose 4.6% intraday, the highest level since April 9. They pared gains to trade 3.39% higher at Rs 3,904 apiece as of 11:23 a.m., compared to a 0.17% advance in the NSE Nifty 50.
The stock has risen 11% year-to-date, but fallen 0.3% in the last 12 months. Total traded volume so far in the day stood at 1.24 times its 30-day average. The relative strength index was at 71.04, hinting that the stock may be overbought.
Out of 28 analysts tracking the company, 21 maintain a 'buy' rating, two recommend a 'hold' and five suggest a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 4.7%.
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