Symphony zooms on plan to acquire 100% stake in MKE

13 Aug 2015

Symphony is currently trading at Rs. 1942.05, up by 96.45 points or 5.23% from its previous closing of Rs. 1845.60 on the BSE.

The scrip opened at Rs. 1855.15 and has touched a high and low of Rs. 2094.85 and Rs. 1649.05 respectively. So far 52907 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 3270.00 on 21-Apr-2015 and a 52 week low of Rs. 1088.65 on 13-Aug-2014.

Last one week high and low of the scrip stood at Rs. 2094.85 and Rs. 1649.05 respectively. The current market cap of the company is Rs. 6586.45 crore.

The promoters holding in the company stood at 75.00% while Institutions and Non-Institutions held 9.43% and 15.57% respectively.

Symphony has signed an Equity Transfer Agreement (ETA) with shareholders of Munters Keruilai Air Treatment Equipment (Guangdong) (MKE), China, to acquire 100% of the equity share capital of MKE. The acquisition will facilitate Symphony's access into China, among the largest air-cooler markets in the world after India.

MKE is a market leading brand in China, producing energy-saving and environment-friendly evaporative air coolers under brand Keruilai. MKE enjoys a strong R&D advantage. Its robust range of premium air coolers with commercial applications enjoys attractive international prospects. With MKE's knowledge of local sources, Symphony would enjoy the twin benefits of lower cost and enhanced quality.

Symphony recognizes the importance of emerging non-traditional segments and will evolve policies and develop products to fully harness their potential, while continuing to reap strong relationships with its vast network of dealers in the traditional trade channel.

Related Symphony Ltd. Links:

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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