Granules India shares hit 52-week high as global equity firms eye controlling stake

KKR, Bain Capital and Blackstone have expressed interest in acquiring a controlling stake in the company.

Granules India share price jumped over 6 percent in the morning session on September 25 after three global private equity heavyweights, namely KKR, Bain Capital and Blackstone expressed interest in acquiring a controlling stake in Granules India, sources in the know told Moneycontrol.

On September 10, 2020, Moneycontrol was the first to report that the promoter family of Granules India had revived plans for a potential exit from the company and was evaluating the sale of a majority stake at a premium valuation.

“Blackstone, KKR and Bain Capital have submitted non-binding bids for the proposed transaction,” said one of the individuals cited above.

The stock was trading at Rs 382.50, up Rs 21.90, or 6.07 percent at 09:20 hours. It has touched a 52-week high of Rs 395.

According to brokerage firm Anand Rathi, "Strong demand for key products such as Metformin, Paracetamol, and Ibuprofen due to COVID-19 has translated to a robust Q1 for Granules.”

Manish Srivastava, Senior Technical Analyst at Rudra Shares & Stock Brokers has a buy on Granules India with target price at Rs 397. The current fall has been arrested at a 20-day simple moving average with the formation of a hammer candlestick pattern and the price has also taken support at the previous top.

The momentum indicators are trading at support levels which indicates that bulls might take the charge once again, he said.

Disclaimer: The views and investment tips expressed by investment experts on SD Solutions are their own, and not that of the website or its management. SD Solutions advises users to check with certified experts before taking any investment decisions.

Source - Moneycontrol.com

Comments

Reliance Jio Q3 results: Profit grows to Rs 3,489 crore; ARPU rises to Rs 151

The average revenue per user (ARPU) during the quarter came at Rs 151 per subscriber per month as against Rs 145 per subscriber per month in the September quarter. Reliance Jio, the telecommunications arm of Jio Platforms, on January 22 posted a net profit of Rs 3,489 crore for the quarter ended December 31, 2020. The profit was higher than the street expectations as analysts in a CNBC-TV18 poll had estimated the number at Rs 3,200 crore. Jio's net profit grew 15.5 percent QoQ as in the September quarter of FY21, its profit was Rs 3,020 crore. The average revenue per user (ARPU) during the quarter came at Rs 151 per subscriber per month as against Rs 145 per subscriber per month in the September quarter. A CNBC-TV18 poll had estimated ARPU at Rs 148.2. Revenue, including access revenues for the quarter, was Rs 22,858 crore ($3.1 billion), up 5.3 percent QoQ. A CNBC-TV18 poll had estimated revenue to the tune of Rs 18,165 crore. EBITDA for the quarter stood at Rs 8,483 crore ...

Futures Trade | A bullish breakout of a flag pattern in HDFC

HDFC is moving in an uptrend with a minor corrective decline. The range is classified as a flag and a breakout of falling minor trendline confirms a possible upside. HDFC is moving in an uptrend with a minor corrective decline from Nov 20 highs. The decline is on lower, contracting volumes and suggests a correction within an ongoing trend. The range-bound action can also be classified as a flag as it is on coming off a sharp rally. A breakout of falling minor trendline confirms a possible upside. Buy around Rs 2300-2310. Keep a stop below Rs 2250 and hold for a target of Rs 2400 and above that to Rs 2450.

Ashoka Buildcon share price up 4% on bagging 2 NHAI projects

The share touched its 52-week high Rs 127.90 and 52-week low Rs 37.00 on 23 September, 2019 and 03 April, 2020, respectively. Ashoka Buildcon share price added over 4 percent in early trade on September 8 after the company emerged as the lowest bidder (L-1) for the two NHAI projects. The aggregate quoted value of the projects is Rs 1,390 crore. The company had submitted bids to National Highway Authority of India (NHAI) for the project of four laning of Arra h to Pararia section of NH-319(Old NH-30) in the State of Bihar under Bharatmala pariyojana Phase -1 on EPC Mode (Package-I) and Four laning of Pararia to Mohania section of NH-319(Old NH-30) in Bihar under Bharatmala Pariyojana Phase-I on EPC Mode (Package II). At 09:23 hrs Ashoka Buildcon was quoting at Rs 70.60, up Rs 2.40, or 3.52 percent on the BSE. The share touched its 52-week high Rs 127.90 and 52-week low Rs 37.00 on 23 September, 2019 and 03 April, 2020, respectively. Currently, it is trading 44.8 percen...

SD Solutions

Search This Blog