The Indian stock market was in selling mode on Friday, the last trading day of the week. However, even amid this environment, the shares of some companies reached the upper circuit of 20 percent.
One such company is Sudarshan Chemical Industries Limited. Shares of this company jumped 20 percent and the price reached Rs 1216.55. The stock also has a 52-week high. Shares rose 19% to Rs. closed at 1207.50.
Sudarshan Chemical Industries Ltd will acquire the global pigments business of Germany's Heubach Group for EUR 12.75 crore (approx. Rs. 1,180 crore). Under this, Sudarshan Europe BV, a wholly owned subsidiary of the Netherlands, is buying the global pigments business of Germany's Heubach Group.
This also includes the acquisition of 100 per cent shareholding in Heubach Holdings SARL, a Luxembourg-based Heubach Group company that has stakes in India and US-based companies.
Let us tell you that Heubach is a leading trader in the specialty chemicals industry, which includes organic pigments, inorganic pigments, dyes, dispersions and anti-rust pigments.
The acquisition is expected to be completed in 3-4 months, subject to approval by regulators, SCIL shareholders and other necessary conditions, the company said.
After the acquisition, the combined entity will have a comprehensive pigment portfolio of high quality products and a strong presence in key markets including Europe and the US. This will increase SCIL's product portfolio, giving it better reach to its customers.
Stock markets were sluggish on Friday and October 11. BSE's benchmark 30-share index Sensex closed down 230.05 points, or 0.28 percent, at 81,381.36 points in volatile trade. The National Stock Exchange (NSE) index Nifty fell 34.20 points or 0.14 percent to 24,964.25 points.
Note: Do not invest in stock market without knowledge. Before investing in any shares you should talk to your financial advisor once. If you do not do so, you may suffer financial loss.
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