Opto Circuits plans to buy European firm for Rs 72 cr

Healthcare equipment manufactrer Opto Circuits India today announced its plans to acquire a European firm at an estimated cost of around Rs 72 crore.

"The company has signed a letter of intent to acquire a medical equipment company in Europe. The company designs and manufactures a wide range of balloon catheter assemblies and related products for coronary, renal and other applications," Opto Circuits India said in a communication to the Bombay Stock Exchange.

At 1 pm, the shares in Opto Circuits were trailing 1.01 per cent (Rs 3.30) at Rs 324, as against Friday's close of Rs 328.10.

A total of 69,997 shares were traded as its two-week average trading volume stands at 95,405 shares.

The company, which acquired Eurocor recently, has seen a turnover of about Rs 87 crore on a stand-alone basis and a net profit of Rs 29 crore for the first half of the fiscal.

Given the positive forecast after the acquisitions, analysts expect the company to register more than Rs 65 crore profit this year.