Shares of Bajaj Electrical Ltd., rose over 11% on Wednesday after the company announced a proposal to acquire Morphy Richards brand from Glen Electric Ltd.
The company's board has approved a proposal to acquire the Morphy Richards brand and related intellectual property rights for Rs 146 crore in India and the territories of India, Nepal, Bhutan, Bangladesh, the Maldives, and Sri Lanka from Glen Electric Ltd., according to an exchange filing on Tuesday.
This transaction will be subject to negotiation and execution of definitive agreements between the parties and the receipt of necessary statutory and regulatory approvals, as applicable.
Share Price
Shares of Bajaj Electrical rose as much as 11.60% to Rs 644.05 apiece. They pared gains to trade 0.01% lower at Rs 643.15 apiece, as of 9:35 a.m. This compares to a 0.38% decline in the NSE Nifty 50.
The stock has fallen 33.87% in the last 12 months and 15.76% year-to-date. Total traded volume so far in the day stood at 0.05 times its 30-day average. The relative strength index was at 55.32.
Out of 19 analysts tracking the company, 12 maintain a 'buy' rating, six recommend a 'hold' and one suggests 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 7.7%.
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