Shares of V-Guard Industries Ltd. gained the most in over nine months on buying the remaining 26% stake in voltage stabiliser maker, Guts Electromech Ltd. for Rs 6.2 crore.
Following the acquisition, Hyderabad-based Guts Electromech will become a wholly owned subsidiary of V-Guard Industries, effective from Thursday. The company is engaged in the business of manufacturing and supplying miniature circuit breakers and residual current circuit breakers.
The company reported a net profit of Rs 2.87 crore on revenue of Rs 59.43 crore in the fiscal ended March 30, 2022.
Source: Exchange filing, Bloomberg
Shares of the company rose 7.5% to Rs 245.60 apiece at the close of markets on Friday.
Trading volume is 1.6 times the 30-day average. Of the 26 analysts tracking the maker of stabilisers, pumps, cables, fans, electric and solar water heaters, 14 maintain 'buy', eight suggest 'hold' and four recommend 'sell', according to Bloomberg data. The 12-month consensus price target implies an upside of 7.4%.
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