Pidilite gains on overseas initiative

Pidilite Industries gained 0.7% to Rs 704 at 14:37 IST on BSE after company announced acquisition of a company in Kenya.

Meanwhile, the S&P BSE Sensex was up 68.08 points or 0.26% at 26,593.54.

On BSE, so far 1.57 lakh shares were traded in the counter as against average daily volume of 5.96 lakh shares in the past one quarter. The stock hit a high of Rs 716 and low of Rs 701 so far during the trading session. The stock had hit record high of Rs 724.40 on 3 June 2016. The stock had hit 52-week low of Rs 507.50 on 25 August 2015. The stock had outperformed the market over the past one month till 16 June 2016, surging 15.47% compared with the Sensex's 3.4% rise. The scrip had underperformed the market in past one quarter, surging 18.74% as against the Sensex's 7.47% rise.

The large-cap company has equity capital of Rs 51.27 crore. Face value per share is Rs 1.

Two wholly owned subsidiaries of Pidilite Industries have acquired entire share capital of Nebula East Africa Private Limited (NEAPL), a Kenyan company. The total investment in the Kenyan firm is Kenyan Shillings 100,000 which is equivalent to about dollar 1000. NEAPL is proposed to be engaged in the business as manufacturers, importers, exporters, buyers, sellers, etc in adhesives, sealants, and all other products used for making or producing adhesives and sealants.

Pidilite Industries' consolidated net profit jumped 89.2% to Rs 152.60 crore on 18.9% increase in net sales to Rs 1233.47 crore in Q4 March 2016 over Q4 March 2015.

Pidilite Industries is into the manufacture and marketing of consumer and speciality chemicals. The company's product range includes Adhesives and Sealants, Construction and Paint Chemicals, Automotive Chemicals, Art Materials, Industrial Adhesives, Industrial and Textile Resins and Organic Pigments and Preparations.

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