BIL to invest Rs 50 crore in Hyderabad-based firm for 15% stake

Equity benchmark indices extended losses for the fifth straight session on Thursday, weighed by foreign fund outflows, concerns over higher US visa fees and a weak global trend.

Shares of Bartronics India Ltd (BIL) ended lower on Thursday after gaining nearly 2 percent in intraday trade following the company’s announcement of a Rs 50-crore investment in Hyderabad-based Huwel Life Sciences Pvt Ltd.

In a filing to the stock exchanges, the company said it will acquire a 15 percent equity stake in Huwel under a memorandum of understanding. The filing added that BIL also has the option to raise its stake by another 15 percent.

Huwel is engaged in molecular diagnostics. "The investment brings together BIL’s scaling expertise with Huwel’s innovation capabilities to accelerate India’s health goals," the company said.

Shares of BIL trade above their 20-day, 50-day and 100-day moving averages, but below the 5-day and 200-day averages. The stock’s 52-week high is Rs 25.84 and the low is Rs 11.77.

Meanwhile, equity benchmark indices extended losses for the fifth straight session on Thursday, weighed by foreign fund outflows, concerns over higher US visa fees and a weak global trend.

The 30-share BSE Sensex fell 555.95 points, or 0.68 per cent, to settle at 81,159.68. The NSE Nifty declined 166.05 points, or 0.66 per cent, to close at 24,890.85.

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