Navin Fluorine International jumps after completing acquisition of Manchester Organics

Navin Fluorine International jumped 5.08% to Rs 1,318.75 at 13:17 IST on BSE after the company said it has completed acquisition of Manchester Organics, UK.

The company made the announcement on Saturday, 3 October 2015.

Meanwhile, the S&P BSE Sensex was up 422.94 points or 1.61% at 26,643.89.

On BSE, so far 4,866 shares were traded in the counter as against average daily volume of 5,184 shares in the past one quarter.

The stock hit a high of Rs 1,343.25 and a low of Rs 1,287.75 so far during the day. The stock had hit a record high of Rs 1,438 on 20 August 2015. The stock had hit a 52-week low of Rs 501 on 1 December 2014.

The stock had outperformed the market over the past one month till 1 October 2015, gaining 3.06% compared with Sensex's 2.04% rise. The scrip had also outperformed the market in past one quarter, surging 20.24% as against Sensex's 6.42% fall.

The small-cap company has equity capital of Rs 9.77 crore. Face value per share is Rs 10.

Navin Fluorine International (NFIL) said that it has acquired the entire remaining 49% stake in Manchester Organics (MOL), UK pursuant to the agreements executed at the time of acquisition of initial 51% equity stake and based on mutual negotiations. UK based MOL is engaged in specialized chemical research. The acquisition will enable NFIL to undertake more complex activities relating to fluorination and add more value to NFIL's specialty fluorochemicals portfolio. NFIL (UK), a 100% subsidiary of NFIL has acquired the balance 49% equity in MOL at an aggregate price of 6.30 million pounds (out of which 5.6 million pounds was paid upfront and the balance will be paid in a deferred manner on fulfillment of certain conditions), NFIL said in a statement.

Navin Fluorine International's net profit surged 113.4% to Rs 18.14 crore on 15.7% growth in net sales to Rs 149.84 crore in Q1 June 2015 over Q1 June 2014.

Navin Fluorine International operates solely in chemicals business segment.

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