Linde India shoots up after board OKs divestment

The company's board approved the proposed divestment of south region divestment business to Air Water India for Rs 1380 crore.

Linde India's stock jumped 5.93% to Rs 513.25 at 14:54 IST on BSE. The announcement was made during trading hours today, 14 August 2019.

Meanwhile, S&P BSE Sensex was up 364.63 points or 0.99% at 37,322.79.

On BSE, 6,379 shares were traded in Linde India counter, compared to a 2-week average of 1,382 shares. The stock hit an intraday high of Rs 524.90 and an intraday low of Rs 485.35. It hit a 52-week high of Rs 819 on 14 January 2019 and a 52-week low of Rs 386 on 8 October 2018.

The company's board of directors approved the sale/divestment of the south region divestment business comprising the business of producing, distributing and selling various industrial gases, viz. oxygen, nitrogen and argon from the company's (JSW-2) 1800 tonnes per day onsite air separation plant located at Karnataka and the company's cylinder filling stations located at Hyderabad and Chennai, along with surplus land in Chennai and Hyderabad PGP sites and a decommissioned air separation unit at Hyderabad site, all on a "slump-sale" and "as is where is basis" to Air Water India for Rs 1380 crore.

Linde India's net profit surged 284% to Rs 20.16 crore on 9.4% decline in net sales to Rs 498.21 crore in Q2 June 2019 compared with Q2 June 2018.

Linde India, formerly BOC India, is engaged in the gases business. The company is engaged in the manufacturing of liquefied or compressed inorganic industrial or medical gases and construction of utility projects. Its segments include gases and related products and project engineering.

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