Pidilite Industries gains as overseas unit to sell Cyclo Division

Pidilite Industries rose 1.03% to Rs 804.50 at 13:25 IST on BSE after the company's wholly owned subsidiary entered into an agreement with Niteo Products LLC, USA for sale of business of the Cyclo Division of PUSA.

The announcement was made after market hours yesterday, 8 June 2017.

Meanwhile, the S&P BSE Sensex was down 58.66 points or 0.19% at 31,154.70

On the BSE, 20,000 shares were traded on the counter so far as against the average daily volumes of 45,311 shares in the past one quarter. The stock had hit a high of Rs 811.25 and a low of Rs 801.50 so far during the day. The stock had hit a record high of Rs 813.85 on 6 June 2017 and a 52-week low of Rs 568.75 on 26 December 2016.

The stock had outperformed the market over the past one month till 8 June 2017, rising 6.69% compared with 3.19% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 16.5% as against Sensex's 7.83% rise. The scrip, however, underperformed the market in past one year, rising 13.59% as against Sensex's 16.63% rise.

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

Pidilite Industries said that the company's wholly owned subsidiary Pidilite USA Inc. (PUSA), has entered into an agreement with Niteo Products LLC, USA for sale of business of the Cyclo Division of PUSA. Cyclo Division has been engaged in the business of automobile grooming, performance and maintenance products and other such products. Some of the trademarks used by the Cyclo Division were owned by Pidilite International Pte., Singapore, a wholly owned subsidiary of the company and the same will also stand assigned to Niteo Products LLC, USA.

Pidilite Industries' consolidated net profit fell 7.01% to Rs 157.23 crore on 5.07% rise in total income to Rs 1326.30 crore in Q4 March 2017 over Q4 March 2016.

Pidilite Industries is a leading manufacturer of adhesives and sealants, construction chemicals, craftsmen products, DIY (Do-It-Yourself) products and polymer emulsions in India.

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