Centum Electronics rose 1.13% to Rs 555.10 at 14:35 IST on BSE after the company announced its acquisition of Adetel Group of France.
The announcement was made during trading hours today, 17 June 2016.Meanwhile, the BSE Sensex was up 68.31 points, or 0.25%, to 26,592.01.
On BSE, so far 14,000 shares were traded in the counter, compared with an average volume of 2.25 lakh shares in the past one quarter. The stock hit a high of Rs 583.40 and a low of Rs 540.10 so far during the day. The stock hit a record high of Rs 931.50 on 7 August 2015. The stock hit a 52-week low of Rs 478 on 29 February 2016. The stock had underperformed the market over the past one month till 16 June 2016, rising 1.65% compared with 3.19% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 7.63% as against Sensex's 6.30% rise.
The small-cap company has an equity capital of Rs 12.71 crore. Face value per share is Rs 10.
As part of Centum Electronics' global expansion strategy, the new acquisition strengthens Centum's design services offering in the global markets. Adetel specializes in design, development and industrialization of embedded electronic systems for defence, aerospace, industrial, transportation, medical and energy sectors. Centum Electronics will hold 51% controlling stake in Adetel Group.
The new partnership translates to greater international presence for the group, both in terms of operations and scale for its products, technologies and competencies. The group can leverage on the high technology capabilities & creativity of Adetel along with the cost competitiveness of India and Centum in particular to increase their market share in the Global Markets, Centum Electronics said in a statement.
On a consolidated basis, net profit of Centum Electronics declined 49.16% to Rs 6.97 crore on 6.35% decline in net sales to Rs 116.39 crore in Q4 March 2016 over Q4 March 2015.
Centum Electronics is a diversified electronics company offering a broad range of products and services in defence, aerospace, space, industrial, medical and communications.
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