Jindal Photo shines on French buy

DALAL STREET SPIKES

The Jindal Photo counter saw hectic buying activity as investors saw value in the company's acquisition of a French software company.

The scrip moved up 5.09 per cent, after touching an intra-day high of Rs 102.40 and closed at Rs 97.05. The stock has been on a decline after touching its 52-week high of Rs 417 eleven months ago.

The company announced on Thursday that it has acquired a strategic stake in Coheris SA, listed in France, through its group special purpose vehicle (SPV), Jindal France SAS. It informed the exchanges that it has spent Euro 3.5 million together with loan to acquire stake in the software publishing firm.

The acquired entity works in the area of CRM as well as business intelligence and, which occupies leadership position in Europe, according to Jindal Photo.

The company has also filed an appeal against a central sales tax order that demanded Rs 15.89 crore as central sales tax and Rs 6.99 crore in interest and penalty.