Saurabh Mukherjea's chemical bet: Stock rises after international acquisition
1 min read 05 Aug 2022, 12:25 PM ISTSaurabh Mukherjea's chemical bet: GMM Pfaudler share price today opened upside and hit intraday high of ₹1,645 apiece levels in early morning session
PremiumSaurabh Mukherjea's chemical bet: After completion of the acquisition of Hydro Air Research Italia S.r.l. on Wednesday, shares of GMM Pfaudler have attracted huge buying interest in the morning deals. GMM Pfaudler share price today opened upside and hit intraday high of ₹1,645 apiece levels in early morning session, logging more than 2 per cent rise from its Thursday close of ₹1,604.85 per share on NSE.
Informing the exchanges of Indian stock market about the international acquisition, this Saurabh Mukherjea's Little Champ portfolio stock said, "We would like to inform you that Pfaudler S.r.l., Italy has completed the acquisition of Hydro Air Research Italia S.r.l. on August 3, 2022." The proposed acquisition is subject to the approval of the Secretary of State for Business, Energy and Industrial Strategy, United Kingdom and the public shareholders of the Company.
On Thursday, GMM Pfaudler Ltd (‘GMMP’) had made an announcement that it will increase its stake in GMM International S.à.r.l (‘GMMI’) to 100 per cent by acquiring the balance 46 per cent stake i.e., 26 per cent held by Millars Concrete Technologies Pvt. Ltd. (Patel family) and 20 per cent held by Pfaudler International S.à.r.l (which is controlled by funds managed by Deutsche Beteiligungs AG under DBAG Fund VI). With this transaction, GMMI will become a wholly owned subsidiary of GMMP.
Speaking about the acquisition, Tarak Patel, Managing Director said, “Our international business is now fully integrated and our expected efficiency levels are playing out in terms of growth and margins. Therefore, this is a natural conclusion to our original transaction by which we are completely consolidating the shareholding to fully accrue earnings and synergies." He further added, “The Patel family reiterates its commitment to the business by increasing our stake through this transaction."
GMM Pfaudler shares are one of the three Little Champ stocks being top picked by Saurabh Mukherjea, who is Founder & Chief Investment Officer at Marcellus Investment Managers. Saurabh Mukherjea believes that the chemical stock can become a global leader in glass lined and ceramic reactors after acquisition of Pfaudler.
