Meanwhile, the S&P BSE Sensex was down 20.33 points, or 0.06% to 32,017.05.

On the BSE, 2.85 lakh shares were traded in the counter so far, compared with average daily volumes of 41,367 shares in the past one quarter. The stock had hit a high of Rs 95 and a low of Rs 91.10 so far during the day. The stock hit a record high of Rs 115.35 on 10 February 2017. The stock hit a record low of Rs 75.75 on 23 May 2017.

The stock had outperformed the market over the past one month till 13 July 2017, rising 13.42% compared with 2.83% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 1.29% as against Sensex's 8.74% rise.

The small-cap company has equity capital of Rs 9.48 crore. Face value per share is Re 1.

Automotive components manufacturer Pricol has signed binding agreements to acquire 100% of the wiping systems business of Ashok Piramal group's PMP Auto Components. The acquisition would be undertaken by Pricol through its wholly-owned subsidiaries. The transaction will be funded by a combination of internal accruals and external debt. The transaction would be earnings per share (EPS) accretive to the shareholders of Pricol and the profitability is expected to further improve upon integration of the business with Pricol.

PMP had acquired this business in 2008 from Magna and is presently running manufacturing facilities in Czech Republic, Mexico and India. The business is supplying wiper motors to global automotive customers including VW, Fiat, John Deere, Skoda, Audi, Seat and has a turnover of around Rs 250 crore currently with a confirmed order book and revenue visibility of more than Rs 450 crore in the financial year ending March 2020.

The acquisition will help Pricol diversify its product offerings and provide access to manufacturing facilities in Europe and North America, where it currently does not have a footprint, helping it cement its status as a global supplier. Additionally, with this acquisition, Pricol will increase its presence with passenger vehicles customers diversifying revenue streams and opening up multiple cross selling opportunities.

Pricol also expects to realize substantial synergies within the first couple of years to further boost the financial performance of the business. Pricol's focus as an auto component supplier and experience in low cost production and sourcing can be leveraged by the target businesses for realizing cost savings in sourcing raw materials and reducing manufacturing overheads. Joint research and development (R&D) is also expected to reduce product development costs.

The transaction is subject to customary closing conditions and the parties to the transaction are bound by standard confidentiality obligations.

Net profit of Pricol declined 14.62% to Rs 5.43 crore on 818.76% surge in net sales to Rs 258.63 crore in Q4 March 2017 over Q4 March 2016.

Pricol offers auto components for motor vehicles, motorcycles and three wheelers.