Shares of Axiscades Technologies Ltd. rose on Monday after its board approved the acquisition of Germany-based Add Solution GmbH in a phased manner.
The company's board approved the 100% acquisition, in a phased manner, of Add Solution GmbH, Germany, specialising in automotive solutions to global OEMs, it said in an exchange filing. The acquisition will be carried out through Axiscades GmbH, a wholly owned subsidiary of Axiscades for €5.5 million or Rs 49.27 crore, it said.
Shares of Axiscades Technologies gained 5% to Rs 402.20, compared to a 0.03% decline in the Nifty as of 10:10 a.m.
The total traded volume so far in the day stood at 2.3 times its 30-day average. The relative strength index was at 63.16.
The analyst tracking the company maintains a 'hold' rating, according to Bloomberg data. The average 12-month consensus price target implies a downside of 3.8%.
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