Small-cap stock, which is a multibagger locked in the upper circuit after announcing the acquisition!

Over the past one year, the company has delivered a multibagger return of 254 per cent.

In the regular filing on June 16, 2023, aftermarket closer AXISCADES Technologies Ltd informed that the Board of Directors of the company held a meeting on June 15, 2023. The Board among other things considered and approved the 100 per cent acquisition of add solution GmbH, Germany, specializing in automotive solutions for global OEMs. The acquisition will be carried out through AXISCADES GmbH, a wholly owned subsidiary of AXISCADES Technologies Ltd.

add solution GmbH is a company based in Wolfsburg, Germany, which specializes in automotive design and development. They offer services such as wiring systems, software testing, and automation for global automotive OEMs. The indicative time period for the completion of the acquisition is Phase I – 94 per cent till July 2023 and Phase II – 6 per cent till March 2025.

The proposed acquisition will provide AXISCADES with a strategic foothold in the automotive space, in addition to opportunities for firm contracts with renowned automotive OEMs. This will lead to significant offshoring opportunities and enhanced business for AXISCADES in the automotive sector, both in India and globally.

In the last trading session, the stock closed at Rs 383.50. Today, it opened at Rs 402.65, up by 4.99 per cent and locked in the upper circuit. It has a 52-week high of Rs 410.70 and a 52-week low of Rs 108.40. The company has a market capitalization of around Rs 1,530 crore. Over the past one year, the company has delivered a multibagger return of 253.74 per cent.

Axiscades Technologies Limited is a technology solutions company focussing on engineering solutions and services.