ALSO READBearings stocks rally; Bimetal Bearings, Fag Bearings hit record high ABC Bearings to merge with Timken India; stock zooms 62% in 3 days Timken India's ABC Bearings acquisition a win-win for both firms Markets trade flat with positive bias; Nifty holds on to 9,600 Markets end flat as focus shifts to US Fed minutes; Smallcap index up 1%
ABC Bearings has locked in upper circuit for the fourth straight trading sessions, up 10% to Rs 346. The stock trading at its all-time high has zoomed 101% from Rs 177 on June 30, 2017.
Timken India on Wednesday announced that it has entered into a definitive agreement to acquire the ABC Bearings through a court-approved amalgamation process. ABC Bearings shareholders will get five Timken India shares in exchange for eight of ABC Bearings.
ABC Bearings is a manufacturer of tapered, cylindrical and spherical roller bearings and slewing rings.
“Timken is the leader of in the India bearing market and the acquisition of ABC Bearings will expand capacity, customer base and locally produced product breath,” said Richard G. Kyle, Timken president and chief executive officer.
“The demand for bearings in India is growing, and the addition of ABC Bearings will provide us with the ability to increase participation in local and export markets,” he added.
Poona Dal & Oil Industries, too locked upper circuit throughout the week, has rallied 67% to Rs 74.15 from Rs 44.30.
Since June 29, in past six trading days, the stock zoomed 101% from Rs 36.95, after the company reported a robust net profit of Rs 8.49 crore in March quarter. The company had profit of Rs 14 lakh in the same quarter year ago.
Operational income jumped three-fold to Rs 187 crore from Rs 59 crore in the corresponding quarter of previous fiscal.
Poona Dal & Oil Industries, engaged in the oil and food grains industry, has a low equity base of 5.7 million shares, of which 4.02 million or 70.38% stake with the promoter.
Meanwhile, around 53 stocks have rallied more than 25% thus far in the current week. Of these, Venky’s (India), JBM Auto, Tinplate Company and Alfred Herbert were up between 35% and 45%.
|POONA DAL & OIL||74.15||44.30||67.4|
|TREE HOUSE EDU.||20.38||14.40||41.5|
|T N PETRO PROD.||57.25||40.65||40.8|
|OCEAN AGRO (I)||39.00||29.55||32.0|
|AKME STAR HOU. F||71.15||55.40||28.4|
|S R INDS.||9.93||7.80||27.3|