EID Parry (India) sweetens on acquiring Alimtec S.A

EID Parry (India) rose 1.97% to Rs 163 at 09:51 IST on BSE after the company said it has acquired 100% stake in Alimtec SA, Chile.

The announcement was made after market hours on Friday, 25 April 2014.

Meanwhile, the S&P BSE Sensex was up 1.21 points or 0.01% at 22,689.28

On BSE, so far 11,143 shares were traded in the counter as against average daily volume of 62,444 shares in the past one quarter.

The stock hit a high of Rs 164.85 and a low of Rs 161 so far during the day. The stock had hit a 52-week low of Rs 103 on 7 August 2013. The stock had hit a 52-week high of Rs 167 on 17 April 2014.

The stock had outperformed the market over the past one month till 25 April 2014, advancing 23.01% compared with the Sensex's 2.87% rise. The scrip also outperformed the market in past one quarter, gaining 15.88% as against Sensex's 7.36% rise.

The small-cap company has equity capital of Rs 17.58 crore. Face value per share is Re 1.

EID Parry (India) after market hours on Friday, 25 April 2014 said that as part of the growth strategy for the Nutraceuticals Business, EID Parry (India) has acquired 100% stake in Alimtec SA, Chile, part of the Bayer Group. The acquisition is by way of purchase of the stake from Bayer Finance and portfolio Management SA, and Nunhems Chile SA, subsidiaries of Bayer AG, EID Parry (India) said in a statement.

With this acquisition, EID Parry would ensure reliable sourcing of Astaxanthin for its subsidiary, US Nutraceuticals LLC (Valensa), the company said. With Valensa's strength in developing Astaxanthin based formulations, this acquisition will culminate in value creation for the Nutraceuticals business. The entire production of Alimtec will be used by Valensa for its Astaxanthin products catering to USA & Europe Markets, EID Parry (India) said in a statement.

Alimtec SA, a Chilean company forming part of the Bayer Group, is active in the business of producing Haematococcus pluvialis (H. pluvialis) biomass, a cultured micro-algae that is a rich natural source of Astaxanthin for human use.

On a consolidated basis, EID Parry (India) reported net profit of Rs 15.15 crore in Q3 December 2013 as compared to net loss of Rs 46.37 crore in Q3 December 2012. Net sales rose 15.9% to Rs 3214.02 crore in Q3 December 2013 over Q3 December 2012.

EID Parry (India) is engaged in the manufacture and marketing of a wide-range of products such as sugar, bio-products and nutraceuticals.

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