NEW DELHI: Shares of Manali PetrochemicalsBSE -1.57 % today surged nearly 12 per cent after the company announced an acquisition of UK-based Notedome for about Rs 120 crore.
The scrip soared 11.78 per cent to Rs 42.20 – its 52-week high – on BSE.
At NSE, shares of the company zoomed 11.77 per cent to touch its one-year peak of Rs 42.25.
The acquisition was done through Manali Petrochemicals’ UK subsidiary, AMCHEM Speciality Chemicals UK, the company said in a statement yesterday.
“The move will facilitate MPL’s progress in new technologies and strengthen the efficiencies of existing systems and applications,” it said.
Notedome manufactures neuthane polyurethane cast elastomers that find application in the automotive sector for the anti-roll bar, suspension and shock bushes for buses, trucks, and other high-performance vehicles, limit or bump stops, material handling and in the agriculture sector for rollers, harvester components and idler wheels on track-laying tractors.
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Source: Economic Times
