Gabriel India's share price hit a record high in Tuesday's session after it announced a major business restructuring plan. As part of the business restructuring plan, Gabriel India will integrate Anchemo India Pvt. with Asia Investments Pvt. It will subsequently demerge Anchemo's automotive business, which will then be merged into Gabriel India.
Gabriel India will issue shares to shareholders of Anchemo's promoters. It will allot 1,158 equity shares of Rs 1 each for every 1,000 equity shares of Rs 10 each held in Asia Investments Pvt.
The scheme of this arrangement will take 10-12 months to conclude, following which, Gabriel India will become a diversified business.
Gabriel India Share Price Today
Gabriel India share price rallied for six sessions. The stock price hit the 20% upper circuit and rose to Rs 842.75 apiece. The share price remained locked in upper circuit as of 11:28 a.m., as compared to a 0.03% advance in the NSE Nifty 50.
The stock surged 75.33% in 12 months, and 77.83% on year-to-date. Total traded volume so far in the day stood at 1.4 times its 30-day average. The relative strength index was at 83.94, which implied the stock is overbought.
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