Camlin Fine Sciences Shares Jump 10% After Belgian Acquisition

Shares of Camlin Fine Sciences Ltd. surged nearly 10% on Wednesday after its Mexico-based subsidiary, Dresen Quimica, acquired Vitafor, a Belgium-based animal feed company.

The subsidiary acquired a 100% stake in Vitafor for a consideration of €1, according to an exchange filing.

The firm will acquire a 100% stake in Vitafor and its underlying subsidiaries: Addi-Tech NV (100%); Vitafor NV (100%); Vitafor China Ltd. (100%); Europe Bio Engineering BV (100%) and Vial Sàrl (45%).

"The group will use Vitafor's facilities and Vitafor's network to augment and grow in the European feed and pet food market as well as in the African market," the filing stated.

Shares of the company rose over 9.7% to Rs 113.33 apiece before paring gains to trade 6.32% higher at Rs 110.65 apiece as of 12:04 p.m. This compares to a 0.66% rise in the NSE Nifty 50.

The stock has dropped 18.17% year-to-date and 51.77% in the last 12 months. Total traded volume so far today stood at 6.98 times its 30-day average. The relative strength index was at 67.19%.

Of the four analysts tracking the company, three maintain a 'buy' rating and one suggests a 'hold' rating, according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 10.9%.