Linde India shares surge over 7% to hit a 4-month high, up 17% in March so far
Linde India zoomed 7.4% to hit a four-month high of ₹6,335 apiece in early trade on Tuesday on the back of heavy volumes. Today's surge has propelled the stock to gain 17% in March so far. Linde India is a subsidiary of Linde plc, a global industrial gases and engineering company.
It specialises in the production and distribution of industrial gases such as oxygen, nitrogen, argon, hydrogen, and other speciality gases. These gases are used in various industries, including manufacturing, healthcare, electronics, chemicals, food and beverage, metallurgy, and more. The company's shares have exhibited remarkable performance over the past four calendar years, offering substantial returns to their shareholders.
From their March 2020 lows of ₹401 apiece, the shares have surged to their current market value of ₹6,262, translating to an impressive gain of nearly 1461%. Furthermore, the shares have demonstrated a positive trajectory in eight out of the last eight calendar years. In September last year, the stock registered a new record high of ₹6,885 apiece.
On February 29, the company said that it had acquired a 23.96% stake in Zenataris Renewable Energy for ₹410.90 million. This acquisition will help the company purchase renewable power under a captive mechanism, which will lead to a lower tariff and consequent cost savings. For the December-ending quarter Q3FY24, the company reported a 1.30% YoY improvement in consolidated operational revenue to ₹706 crore.
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