Camlin Fine Sciences rose 1% to Rs 99.89 at 10:52 IST on BSE after the company said it will acquire 51% in stake in a Chinese entity.
The announcement was made after market hours on Friday, 23 December 2016.Meanwhile, the BSE Sensex was down 209.30 points, or 0.80%, to 25,831.40.
On the BSE, so far 66,000 shares were traded in the counter, compared with average daily volumes of 2.10 lakh shares in the past one quarter. The stock had hit a high of Rs 103.10 and a low of Rs 98.95 so far during the day.
The stock hit a 52-week high of Rs 119.60 on 26 October 2016. The stock hit a 52-week low of Rs 76.10 on 29 February 2016. The stock had underperformed the market over the past 30 days till 23 December 2016, falling 5.85% compared with the 0.70% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 14.27% as against Sensex's 9.17% decline.
The small-cap company has equity capital of Rs 10.33 crore. Face value per share is Re 1.
Camlin Fine Sciences said it entered into share purchase agreement to acquire 51% stake in China's Ningbo Wanglong Flavors & Fragrances Company (NWFFCL). The cost of proposed acquisition will be disclosed after the completion of the transaction, it added. The acquisition is subject to Reserve Bank of India's (RBI) approval and will get completed on or before 30 June 2017.
NWFFCL was incorporated on 20 November 2015 and is a part of proposed joint venture with Wanglong Group Company. Ningbo is engaged in research, development and manufacture of flavours and fragrances products (Vanillin); import and export of goods and technologies.
On a consolidated basis, Camlin Fine Sciences reported net loss of Rs 0.80 crore in Q2 September 2016 as against net profit of Rs 5.06 crore in Q2 September 2015. Net sales declined 3.97% to Rs 109.14 crore in Q2 September 2016 over Q2 September 2015.
Camlin Fine Sciences is a provider of high-quality shelf life extension solutions including antioxidants, aroma ingredients and performance chemicals.
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