Shares of this automotive component company jumped almost 5 per cent after an investment announcement

The company's arm got approval for incorporation of a wholly-owned subsidiary company.

On December 6, Shares of Pricol closed at Rs 193.35, up by 8.95 points or 4.85 per cent from its previous closing of Rs 184.40 on the BSE. 

The scrip opened at Rs 184.00 and has touched a high and low of Rs 194.00 and Rs 184.00, respectively. 

Pricol Asia, Pricol's wholly-owned subsidiary, has received approval from the company's Board of Directors for the incorporation of a wholly-owned subsidiary company in India under the name Pricol Electronics or such other name as approved by the Ministry of Corporate Affairs. Pricol Asia intends to invest approximately Rs 25 crore in the aforementioned WOS in India, which will engage in the manufacturing and distribution of electronic components for automotive and non-automotive applications. 

Pricol Limited is a company that manufactures and sells instrument clusters and other automotive components to OEMs and replacement markets. The company was founded in 1974 and is based in Coimbatore, Tamil Nadu. The promoters holding in the company stood at 36.53 per cent, while institutions and non-institutions held 15.34 per cent and 48.13 per cent, respectively. 

The BSE group 'A' stock of face value of Rs 1 has a 52-week high and low of Rs 208.00 and Rs 96.45, respectively. 

In the last one week high and low of the scrip stood at Rs 194.00 and Rs 181.25, respectively. The current market cap of the company is Rs 2356.58 crore.