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BASF India Rises 16% To New 52-Week High After Plutus Wealth Acquires Stake
On Monday, shares of BASF India rose 16 percent to Rs 1,875, a new 52-week high after Plutus Wealth Management LLP acquired 3.15 lakh shares of the company at Rs 1,584.46 per share on the NSE. The stock has gained over 40 percent in five trading sessions.
Shares of the chemicals and speciality chemicals manufacturer had also ended in an upper circuit of 20 percent on Friday.
Last week, BASF India announced that it has acquired 100 percent stake in BASF Performance Polyamides India from BASF Nederland B.V. and BASF SE for an aggregate consideration of Rs 302.90 crore.
BASF Performance Polyamides India is now a wholly-owned subsidiary of the Company.
In the first week of August, the company had reported a net loss of Rs 29.15 crore for the quarter ended June 2020 against a net profit of Rs 8.20 crore in the same period last year. Sales of the company was up 9.73 percent to Rs 1765.98 crore in the quarter ended June 2020 as against Rs 1,609.46 crore during the previous quarter ended June 2019.
