GMM Pfaudler shares jump 5% on acquiring majority stake in global business of Pfaudler Group
Moneycontrol technical rating is bullish with moving averages and technical indicators showing bullish bias in the stock.
February 17, 2021 / 11:09 AM IST
GMM Pfaudler | The company reported higher consolidated profit at Rs 23.2 crore in Q3FY21 against Rs 21 crore in Q3FY20, revenue increased to Rs 201.8 crore from Rs 156 crore YoY.
GMM Pfaudler share price jumped over 5 percent intraday on February 17 after the company completed the acquisition of majority stake in the global business of Pfaudler Group.
GMM Pfaudler announced that it has successfully completed the transaction to acquire a majority stake of its parent, the Pfaudler Group from the private equity firm Deutsche Beteiligungs AG Fund VI, after receiving all necessary regulatory approvals, the company said in an exchange filing.
"GMM has become the ultimate holding company of the Pfaudler group, with the entire business of Pfaudler being consolidated into GMM. The combined revenue of the entity is estimated to be around USD 267 million, it said.
The stock was trading at Rs 3,937.85, up Rs 198.35, or 5.30 percent at 10:51 hours. It has touched an intraday high of Rs 3,965.00 and an intraday low of Rs 3,711.95.
"With the acquisition now complete, it will allow us to continue on our exciting journey of making GMM Pfaudler the global leader in corrosion-resistant technologies, systems and services," said arak Patel, Managing Director, GMM.
The company also said that CRISIL has rated the debt instruments of the company as under: Total bank loan facilities - Rs 100 crore. Long term rating - CRISIL AA-/Watch Developing (Continues on 'Rating Watch with Developing Implications') and short term rating - CRISIL A1+/ Watch Developing (Continues on 'Rating Watch with Developing Implications').
According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has zero promoter pledge with FII / FPI or institutions increasing their shareholding.
Moneycontrol technical rating is bullish with moving averages and technical indicators showing bullish bias in the stock.Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.