Coromandel International hits 52-week high; EID Parry up 4%

Coromandel International hit a 52-week high of Rs 559, up 4%, while EID Parry (India) was up 4% at Rs 365 on the BSE in early morning trade.

Coromandel International hit a 52-week high of Rs 559, up 4% on the BSE in intra-day deal, after the company said it has signed an agreement to acquire the bio-pesticides business of E.I.D. Parry (India) together with its wholly-owned subsidiary Parry America, Inc, US, through a slump sale. The stock of EID Parry (India) was  up 4% at 365 on the BSE in early morning trade. Both the companies are part of the Murugappa Group.

The "consideration for the transaction is Rs 338 crore (subject to changes in working capital as on the closing date) which includes transfer of