V-Guard Industries Limited’s acquisition of leading kitchen appliances brand Sunflame Enterprises Private Ltd (SEPL) augurs well for the company. Brokerage firm Sharekhan sees a 23 per cent upside or Rs 60 per share gain. The stock was recommended at a price of Rs 261.

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V-Guard shares today ended at Rs 271 on the NSE and were down 0.55 per cent from the previous closing price.

V-Guard acquired 100 per cent stake in Haryana based SEPL for a consideration of Rs 660 crore on a cash-free and debt-free basis. The transaction is expected to close by mid-January 2023.

Sunflame’s acquisition is in line with company’s strategy to become a significant player in the domestic kitchen appliances industry which currently forms just 4-5 per cent of its total revenue, Sharekhan said in a report.

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