Pidilite Inds gains after acquiring Bluecoat's adhesive biz

Pidilite Industries rose 2.06% to Rs 401.60 at 9:40 IST on BSE after the company said it has completed the acquisition of the adhesive business of Bluecoat.

The announcement was made before trading hours today, 23 September 2014.

Meanwhile, the BSE Sensex was down 18.84 points, or 0.07%, to 27,187.90.

On BSE, so far 30,000 shares were traded in the counter, compared with an average volume of 32,271 shares in the past one quarter.

The stock hit a high of Rs 407.70 and a low of Rs 400 so far during the day. The stock hit a record high of Rs 422.40 on 26 August 2014. The stock hit a 52-week low of Rs 247.10 on 30 September 2013.

The stock had underperformed the market over the past one month till 22 September 2014, rising 2.18% compared with 2.98% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 27.45% as against Sensex's 8.37% rise.

The large-cap company has an equity capital of Rs 51.26 crore. Face value per share is Re 1.

Pidilite Industries announced after market hours on Monday, 22 September 2014, that its board approved acquisition of the adhesive business of Bluecoat on a slump sale basis for a cash consideration of Rs 263.57 crore.

Pidilite Industries' consolidated net profit rose 4.7% to Rs 168.52 crore on 19.4% increase in total income to Rs 1362.08 crore in Q1 June 2014 over Q1 June 2013.

Pidilite Industries' 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. The company's adhesives brand Fevicol is the largest selling adhesives brand in Asia.

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