Shares of Diamond Power Infrastructure rose by 4.79% on Wednesday, reaching ₹167.30 during early trading hours. This uptick follows the company’s announcement of acquiring machinery and equipment worth ₹49.74 crore, excluding taxes.
Diamond Power Infrastructure’s stock has demonstrated an impressive year-to-date growth of 924.18%, reflecting investor confidence in the company’s consistent expansion initiatives. The stock saw a 4.79% rise today, highlighting renewed interest following the acquisition announcement. Despite minor fluctuations in the past week, the stock remains a strong performer with a robust annual gain of over 1,200%.
The acquisition involves the purchase of equipment from four sellers—Syska Miterr Private Limited, Miter & Miter Engineers Private Limited, Emdet Engineers Private Limited, and Miter and Miter. This is a straightforward asset acquisition, excluding any entity takeover. The newly acquired machinery will be pivotal in the company’s strategic expansion into the copper wire and cables segment, complementing its aluminum conductors and cables operations. The transaction, funded entirely through cash, is set to conclude within 90 days, with no regulatory approvals or related party transactions involved, ensuring seamless execution.
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