Excel Inds jumps after completion of acquisition

Excel Industries climbed 6.33% to Rs 968.05 after the company announced that it successfully completed the acquisition of the chemical manufacturing unit of NetMatrix Crop Care located in Andhra Pradesh on 25 October 2019.

The announcement was made after market hours on Friday, 25 October 2019.

Shares of Excel Industries jumped 9.89% in two trading sessions to its current market price of Rs 968.05, from a recent closing low of Rs 880.90 on 25 October 2019.

Meanwhile, the S&P BSE Sensex was up 588 points or 1.50% to 39,838.02.

On the BSE, 4,293 shares were traded in the counter so far compared with average daily volumes of 1,050 shares in the past two weeks. The stock hit an intraday high of Rs 986.30 and an intraday low of Rs 927.10 so far during the day.

The stock hit a 52-week high of Rs 1,680 on 2 November 2018. The stock hit a 52-week low of Rs 735.15 on 13 August 2019.

Excel Industries' consolidated net profit tumbled 29.8% to Rs 27.40 crore on 2.7% decline in net sales to Rs 189.45 crore in Q2 June 2019 over Q2 June 2018.

Excel Industries operates through two segments, including chemicals, which includes industrial and specialty chemicals and pesticides intermediates and environment, which includes soil enricher, bio-pesticides and other bio products.

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