JK Cement rose 1.19% to Rs 2,906.85 after the company's wholly owned subsidiary, JK Paints & Coatings (JKPCL), acquired 60% stake in Acro Paints (APL) at first tranche of Rs 153 crore.
APL was incorporated on 18 May 1989 and is currently engaged in the business of paints and construction chemicals manufacturing. Its turnover for financial year 2021-2022 was Rs 72.05 croreThis acquisition would give commercial presence of the company in the paint business segment.
Post acquisition, APL will become subsidiary of JKPCL and a step down subsidiary of the company. The transaction is expected to be completed within 1 year.
JK Cements is engaged in the manufacturing and selling of cement and cement related products. The company's consolidated net profit declined 25.7% to Rs 112.38 crore despite of 17.6% jump in net sales to Rs 2,227.95 crore in Q2 FY23 over Q2 FY22.
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