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Dynamic Services hits 5% upper circuit: Shares of Dynamic Services and Security were locked in 5 per cent upper circuit at Rs 274.10 per share on NSE on Thursday, August 29, 2024.
The shares of Dynamic Services rose after the company announced that it has signed a memorandum of understanding (MoU) to acquire Bharat Battery Mfg Co for Rs 45 crore.
In an exchange filing, the company said, “It is hereby informed that Dynamic Service & Security Limited (DSSL) has entered into Memorandum of Understanding (MoU) with Bharat Battery Mfg Co Private Limited dated August 27, 2024.
The acquisition, however, will be effective subject to the fulfilment of various terms and conditions as specified in the MoU, the company said.
Bharat Battery is involved in manufacturing Lead Acid Batteries, Train Lighting, Railway Air Conditioning, Diesel Loco Starting, Signalling, Telecommunication equipment and special batteries for Defence Application.
The acquisition will be completed within 90 days from the date of execution of the MoU unless such time period is being extended mutually, Dynamic Services said.
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Dynamic Services & Security Limited specialises in providing a range of services, including manpower for mechanised cleaning, catering, housekeeping, conservancy, security, and other related services. The company caters to the Indian Railways, various government and semi-government bodies, and diverse corporate sectors across India. Its focus is particularly on Indian Railways, Defence, and other prestigious government organisations, offering comprehensive supply chain management and corporate people management services.
The company’s market capitalisation is Rs 376.78 crore, according to National Stock Exchange (NSE). The company falls under the Nifty SME Emerge index.
The 52-week high of the stock is Rs 339.95 per share while its 52-week low is Rs 82 apiece.
At 1:03 PM, shares of Dynamic Services continued to remain locked in the 5 per cent upper circuit. In comparison, Nifty50 was trading 0.39 per cent or 98.15 points higher at 25,150.50 levels.
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