Whirlpool rises after strategic JV with Elica

Whirlpool of India rose 1.32% to Rs 1,568.85 at 11:15 IST on BSE after the company announced strategic joint venture with Elica to expand cooking business.

The announcement was made on Saturday, 2 June 2018.

Meanwhile, the S&P BSE Sensex was down 13.73 points, or 0.04% at 35,213.53

On the BSE, 1,526 shares were traded on the counter so far as against the average daily volumes of 3,155 shares in the past two weeks. The stock had hit a high of Rs 1,602 and a low of Rs 1,563.45 so far during the day. The stock had hit a record high of Rs 1,680 on 1 January 2018 and a 52-week low of Rs 1,093.40 on 22 June 2017.

The large-cap company has equity capital of Rs 126.87 crore. Face value per share is Rs 10.

Whirlpool of India's board of directors approved a proposal to enter into a strategic joint venture with Elica and acquire 49% equity in Elica PB India. As part of the Joint Venture, Elica PB India will manufacture and distribute cooking and built-in appliances under the Whirlpool brand in India. Elica PB India is a subsidiary of Elica SpA Italy and has been operating in India since 2010. The parties expect the transaction to close in the second half of 2018.

Sunil D'Souza, Managing Director of Whirlpool of India said the cooking and built-in appliance space is poised for very strong growth in India based on increasing consumer demand. Whirlpool aims to expand its portfolio of innovative products with Elica's impressive capabilities in consumer insights, design, manufacturing and also broaden its distribution.

Whirlpool of India's net profit rose 22.86% to Rs 91.38 crore on 24.22% increase in total income to Rs 1281.13 crore in Q4 March 2018 over Q4 March 2017.

Whirlpool of India is one of the leading manufacturers and marketers of major home appliances in the country.

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