Pricol jumps 11% intra-day on overseas acquisition; ends 3% up

Shares of Pricol surged 11 per cent following reports that the company will acquire a Brazil-based auto components maker but surrendered most of the gains at close on profit-booking.
Pricol's scrip gained 2.69 per cent to settle the day at Rs 43.90 on the BSE. In intra-day trade, it climbed 10.99 per cent to Rs 47.45.
On the NSE, it rose by 2.70 per cent to close at Rs 43.70.
The company did not disclose the name of the target company or financial details of the acquisition.
"Company at the meeting held on December 11, 2014, has proposed to acquire 99.99 per cent of stake in a Brazil-based auto component manufacturing company through its wholly owned subsidiary incorporated in Spain," Pricol said in a BSE filing.

"The aforesaid company in Brazil achieved sales revenue of Rs 301.1 crore during the calendar year 2013," it said.
"This acquisition will enable Pricol to make a foray into the Brazilian auto component industry. The aforesaid acquisition is expected to be completed by the end of January 2015," it added.
Meanwhile, in the broader market the BSE index, Sensex, ended at 27,350.68, down 251.33 points.