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

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