GMM Pfaudler hits a new high

GMM Pfaudler has shown some 3.5 times surge in volumes and went on to hit a new high at Rs.282.05. It has come down from the level and is now at Rs.268.90, which is 4.5% higher than yesterday’s close.

The company’s promoter, Pfaudler, yesterday late evening, made an open offer to acquire 25% stake in the company at Rs.245.85 per share. Promoter holding currently stands at 76.66% of which 52.09% stake in held by Pfaudler Inc.

The market is happy that the promoters are hiking their stake as this is construed to be a move to increasing their commitment in the company and India. Pfaudler has been committed to the company since 1987 when this USA based company subscribed to 40% to form a joint venture. Pfaudler Inc. further increased their stake to 51% in 1999 and the name of the company was changed to GMM Pfaudler Limited. Robbins & Myers Inc., USA which is listed on the New York Stock Exchange owns Pfaudler Inc

The company is a supplier of engineered equipment and systems for critical applications in the global chemical and pharmaceutical markets.