Granules India gains on stake sale in JV to Ajinomoto OmniChem

Share price of Granules India added 1.6 percent intraday on September 16 after company entered into an agreement for sale of its stake in the joint venture company.

The company has entered into an agreement with SA Ajinomoto OmniChem NV, Joint Venture Partner for sale of more than 4.28 crore equity shares held by the company in Granules OmniChem, an Indian Joint Venture Company, for a consideration of Rs 109.85 crore.

The conclusion of this transaction is subject to fulfillment of certain closing conditions as well as customary government approvals.

At 1450 hrs, Granules India was quoting Rs 103.90, up Rs 1.30, or 1.27 percent on the BSE.

The share touched its 52-week high of Rs 121.25 and its 52-week low of Rs 79 on September 18, 2018 and December 10, 2018, respectively.

Currently, it is trading 14.31 percent below its 52-week high and 31.52 percent above its 52-week low.

The company’s trailing 12-month (TTM) EPS was at Rs 7.07 per share. (Jun, 2019). The stock’s price-to-earnings (P/E) ratio was 14.70. The latest book value of the company is Rs 55.37 per share. At current value, the price-to-book value of the company was 1.88. The dividend yield of the company was 0.96 percent.

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