 "Linde gains 6% on buying Tata Steel's industrial gas assets in Kalinganagar")
Linde stock flies: Shares of Linde India surged as much as 6.09 per cent to hit an intraday high of Rs 7,641.60 per share on Thursday, September 5, 2024.
The rise in Linde India share price came after the company announced that it has entered into the Plant Sale agreement with Tata Steel Limited for acquiring their industrial gas supply assets - 2X1800 tpd Air Separation Units (ASUs) at their Kalinganagar Phase 2 expansion project.
Linde India, via an exchange filing said, “Please be informed that the Company has entered into the Plant Sale Agreement with Tata Steel Limited for acquiring their industrial gas supply assets - 2X1800 tpd Air Separation Units (ASUs) at their Kalinganagar Phase 2 expansion project.”
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Financially, the company’s net profit rose 13.8 per cent annually to Rs 113.7 crore in the quarter ended June 2024 (Q1FY25), as opposed to Rs 99.9 crore during the previous quarter ended June 2023 (Q1FY24). Sales dropped 9.4 per cent to Rs 653.2 crore in Q1FY25, as against Rs 721 crore in Q1FY24.
Linde India Limited, a subsidiary of BOC Group UK, which holds a 75 per cent stake in the company, specialises in the production of industrial and medical gases as well as the construction of both cryogenic and non-cryogenic air separation plants.
The company's operations are segmented into three main areas including Gas and Related Products, Healthcare, and Project Engineering.