BASF India rose 2.69% to Rs 1,038.65 at 12:54 IST on BSE after the company said its parent BASF SE, Germany has signed an agreement to acquire Albermarle's global surface treatment business of Chemetall for a consideration of $3.2 billion.
The announcement was made before market hours today, 22 June 2016.Meanwhile, the S&P BSE Sensex was down 17.47 points or 0.07% at 26,795.31.
On BSE, so far 8,859 shares were traded in the counter as against average daily volume of 6,241 shares in the past one quarter. The stock hit a high of Rs 1,060 and a low of Rs 1,025 so far during the day. The stock had hit a 52-week high of Rs 1,416 on 10 August 2015. The stock had hit a 52-week low of Rs 699.90 on 12 February 2016. The stock had underperformed the market over the past one month till 21 June 2016, advancing 5.25% compared with Sensex's 5.97% rise. The scrip had, however, outperformed the market in past one quarter, surging 26.86% as against Sensex's 6.04% rise.
The mid-cap company has equity capital of Rs 43.29 crore. Face value per share is Rs 10.
Chemetall is a global technology and innovation leader in the metals surface treatment market and is headquartered in Frankfurt, Germany. For the calendar year 2015, Chemetall clocked global sales of $845 million.
BASF India said that the transaction is subject to approval by the relevant authorities and is expected to close by the end of 2016.
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The products of Chemetall complements BASF's current portfolio by adding highly attractive surface treatment business to its coatings offerings. In India, the coatings business is part of the Functional Material & Solutions segment of the company, BASF said in a statement.
BASF India reported net profit of Rs 76.81 crore in Q4 March 2016, compared with net loss of Rs 59.33 crore in Q4 March 2015. Net sales rose 7.5% to Rs 1148.86 crore in Q4 March 2016 over Q4 March 2015.
BASF India is a leading transnational company in the Indian chemical industry.
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