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PI Industries share price hits all-time high on acquisition of 100% stake in Italian firm

PI Industries share price opened with a gain of 2.81% at Rs 1,245 today.


twitter-logo BusinessToday.In        Last Updated: September 17, 2019  | 11:30 IST
PI Industries share price hits all-time high on acquisition of 100% stake in Italian firm
PI Industries share price rose up to 4.66% to Rs 1,300.20 level compared to the previous close of Rs 1,242.25 on BSE. The stock opened with a gain of 2.81% at Rs 1,245 today.

PI Industries share price hit its fresh all-time high in afternoon trade today after the agri-sciences company executed an offer for acquisition of 100% stake in Italian firm Isagro (Asia). PI Industries share price rose up to 4.66% to Rs 1,300.20 level compared to the previous close of Rs 1,242.25 on BSE. The stock opened with a gain of 2.81% at Rs 1,245 today.

The mid cap share has gained 50.45% since the beginning of this year and 67.46% during the last one year.

14 of 20 brokerages rate the stock "buy" or 'outperform', three "hold" and three "underperform", according to analysts' recommendations tracked by Reuters.

PI Industries in a release said, "The business will be acquired by PI directly or through its subsidiary. The transaction value is estimated Rs 345 crore net of cash and debt subject to closing adjustments. The consummation of the proposed transaction is expected in Q3FY20 subject to finalisation of definitive agreements, customary closing conditions and regulatory approvals. The parties have entered into exclusivity agreement for this purpose."

Meanwhile, Sensex and Nifty were trading higher in afternoon session. While, Sensex rose 132 points to 37,236, Nifty gained 44 points to 11,026.

Edited by Aseem Thapliyal

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