Comments
Shares of Piramal Enterprises rose nearly 5 per cent today as the company is set to acquire US-based contract development and manufacturing firm Ash Stevens Inc for up to $52.95 million (over Rs 350 crore).
The scrip gained 3.92 per cent to touch its one-year high of Rs 1,850 on the BSE.
On the NSE, shares of the company rose 4.68 per cent to Rs 1,854.40 — its 52-week high.
The company's “wholly-owned US subsidiary has entered into an agreement to acquire 100 per cent stake in Ash Stevens...in all-cash deal for a total consideration of $42.95 million plus an earn-out consideration capped at $10 million, subject to achievement of certain EBITDA targets, payable over next six months,” Piramal had said in a BSE filing yesterday.
This potential transaction is expected to be completed by end of August, it added.
“Ash Stevens will add high potency capabilities to the services we offer our customers,” Vivek Sharma, Pharma Solutions business CEO, Piramal Enterprises, said.
Ash Stevens is a full service CDMO (contract development and manufacturing organisation) focused on development and manufacturing of high potency active pharmaceutical ingredients (HPAPIs).
InterGlobe Aviation
Shares of InterGlobe Aviation gained as much as 2.5 per cent after Citi upgrade.
Citi has upgraded the stock to “buy” from “neutral", with a target price of Rs 1,100 ($16.44).
A320 delivery concerns are unwarranted, say Citi analysts.
The company had said in July its budget airline IndiGo might have to delay taking delivery of more Airbus A320neo planes to allow Pratt & Whitney time to sort out the engine problems.
Citi analysts say that given the asset-light structure and order book/delivery flexibility, the company will have 145 net aircraft by end FY18.
InterGlobe Aviation’s June quarter net profit fell 7 per cent due to “competitive fare pressures’’.
Zee Learn, Tree House
Shares of Zee Learn Ltd and Tree House Education and Accessories Ltd gained as much as 20 per cent on revised merger deal.
Zee Learn stock hit a 6-month high of Rs 36.
Boards of both companies on Wednesday approved a revised share swap ratio for a planned merger.
As per the new merger scheme, shareholders of Tree House will get shares in Zee Learn at a 1:1 ratio.
“The revised scheme of amalgamation will put to rest uncertainty and anxiety within different stakeholders,” Zee Learn said in a statement
In June, Zee Learn had said it would not go ahead with Tree House merger, which was earlier fixed at 53 shares of Zee Learn for 10 shares of Tree House.
Zee Learn shares had lost 23.6 per cent of their value this year as of Tuesday’s close, while Tree House had slumped 82 per cent during the same period.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.