This stock surged more than 8 per cent post the announcement of significant acquisition news!
The total cost of acquisition will be EUR 40.5 million, which will be paid with their existing resources
On Tuesday, shares of Sona BLW Precision Forgings zoomed over 8.6 per cent to make an intraday high of Rs 458.90. The scrip witnessed a massive spurt in volume by more than 7.24 times.
On January 09, 2022, the company informed the exchange that it has agreed to acquire at least 54 per cent shares capital and voting rights in NOVELIC, which is a self-sustaining provider of mmWave radar sensors, perception solutions and full stack embedded systems.
Sona BLW believes that with NOVELIC’s capabilities in sensors and perception solutions, they intend to grow in the area of autonomous and connected vehicle technologies. The total cost of acquisition will be EUR 40.5 million, which will be paid with their existing resources.
Sona BLW Precision Forgings is an India-based automotive technology company. The company is engaged in designing, manufacturing and supplying engineered automotive systems and components such as differential assemblies, gears, conventional and micro-hybrid motors, BSG systems and EV Traction motors across all vehicle categories. The company develops mechanical and electrical hardware systems, components as well as base and application software solutions.
In the last 5 trading sessions, the company has shown positive traction as it has gained more than 9.50 per cent. Keep a close eye on this trending stock.