Excel Industries rises after board OKs acquisition

Excel Industries was up 2.01% to Rs 956 at 12:02 IST on the BSE after the company said its board approved the acquisition of a chemical manufacturing unit located in Andhra Pradesh.

The announcement was made after market hours yesterday, 27 June 2019.

Meanwhile, the S&P BSE Sensex was down by 111.92 points, or 0.28% to 39,474.49.

On the BSE, 6266 shares were traded in the counter so far compared with average daily volumes of 1430 shares in the past two weeks. The stock had hit a high of Rs 985 and a low of Rs 943.60 so far during the day. It hit a 52-week high of Rs 1906.95 on 17 September 2018 and a 52-week low of Rs 924.20 on 19 February 2019.

Excel Industries announced that its board approved the acquisition of a chemical manufacturing unit of NetMatrix Crop Care located in Andhra Pradesh as a going concern by way of slump sale. The cost of acquisition is Rs 95 crore and the entire consideration shall be in the form of cash.

The business undertaking is a chemical manufacturing unit in Andhra Pradesh Special Economic Zone, having the manufacturing plant for a pesticide intermediate. Excel Industries said that the additional manufacturing facility would help in capacity expansion and expansion of product range.

Excel Industries' net profit fell 11.8% to Rs 30.08 crore on a 4.2% rise in the net sales to Rs 190.74 crore in Q4 March 2019 over Q4 March 2018.

Excel Industries is a chemical manufacturing company.

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