TTK Prestige gains on acquisition buzz

TTK Prestige rose 3.50% to Rs 2,622 at 10:45 IST on BSE, on reports that the company is set to buy the ailing Indian unit of Italian firm Bialetti.

Meanwhile, the BSE Sensex was down 26.70 points, or 0.16%, to 16,671.37.
On BSE, 14,000 shares were traded in the counter compared with average volume of 28,000 shares over the past two weeks.
The stock hit a high of Rs 2,628 and a low of Rs 2,510.15 so far during the day.
According to reports, Bialetti's Indian unit, Triveni Bialetti Industries, will help TTK Prestige expand production capabilities. TTK plans to merge the entity with itself before the year ending March 2012. TTK Prestige has almost sealed the takeover for about Rs 25-30 crore, reports added.
Reports suggested that Triveni Bialetti has a state-of-the-art, automated manufacturing unit in Khardi in the Mumbai suburbs, which caters to Indian and global markets.
TTK Prestige's net profit rose 58.1% to Rs 25.34 crore on 60.4% rise in sales to Rs 233.14 crore in Q1 June 2011 over Q1 June 2010.
TTK Prestige makes kitchen appliances under Prestige brand.