Here's why Brainbees Solutions share price rose 4.5% in trade on Dec 23

FirstCry Share Price Today: Shares of Brainbees Solutions (FirstCry) were ruling higher in an otherwise weak market on Tuesday, December 23. The company's share price advanced 4.52 per cent to log an intraday high of ₹304.05 per share on the BSE.

 

FirstCry shares have rebounded nearly 10 per cent from their 52-week low of ₹277 per share touched earlier this year on August 12. Despite the gains, the stock remains nearly 54.28 per cent shy of its 52-week high of ₹665.15 per share, scaled earlier this year on January 1 on the BSE.

 

That said, FirstCry shares continued to trade higher on the bourses on Tuesday. At 11:11 AM, the counter was seen trading at ₹298.80 per share, higher by 2.72 per cent from its previous close of ₹290.90 per share on the BSE. The benchmarks, BSE Sensex, meanwhile, were trading at 85,580, higher by merely 13 points, or 0.02 per cent. So far, a combined total of 0.65 million equity shares of Brainbees Solutions, estimated to be worth ₹19.60 crore, have exchanged hands on the BSE and NSE today.

Here's why Brainbees Solutions shares were ruling higher on Tuesday:

The upward movement in the FirstCry share price came following the company’s announcement of an update on acquisitions. In a new regulatory filing, Brainbees Solutions informed the exchanges that Swara Baby Products Private Limited (Swara Baby), a subsidiary of the company, has agreed to acquire a 100 per cent stake in K.A. Enterprises (Hygiene) Private Limited (KA Hygiene) from the existing shareholders of KA Hygiene by issuing 38,49,572 equity shares of Swara Baby.  

"Pursuant to the aforesaid agreement, KA Hygiene will become a wholly-owned subsidiary of Swara Baby and a step-down subsidiary of the company. Consequently, the indirect control of the company in KA Hygiene will be 75.92 per cent," said Brainbees Solutions in the regulatory filing.