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Bearings stocks rally; Bimetal Bearings, Fag Bearings hit record high

Timken India entered into definitive agreement to acquire ABC Bearings

Deepak Korgaonkar  |  Mumbai 

Bearings stocks rally; Bimetal Bearings, Fag Bearings hit record high

Shares of bearings companies are on a roll, surging up to 20% on BSE after board approved the amalgamation of with the company.

was locked in upper circuit of 20% at Rs 287, also its record high on BSE. surged 7% to Rs 725 after hitting high of Rs 738 on BSE in intra-day trade.

Shareholders of will get five shares of for eight shares held on the record date.

“Timken India, a subsidiary of The Timken Company, a world leader in engineered bearings and mechanical power transmission products, announced that it has entered into definitive agreement to acquire ABC Bearings, through a court-approved amalgamation process,” said in a release.

is a manufacturer of tapered, cylindrical and spherical roller bearings, and slewing rings.

“Timken is the leader of in the India bearing market and the acquisition of will expand capacity, customer base and locally produced product breath,” said Richard G. Kyle, Timken president and chief executive officer.

“The demand for bearings in India is growing, and the addition of will provide us with the ability to increase participation in local and export markets,” he added.

The stock of other bearings companies too surged up to 20% on the bourses after the acquisition announcements. Bimetal Bearings, Fag Bearings and SNL Bearings have hit their respective all-time highs on BSE.

COMPANY LATEST PREV CLOSE GAIN(%)
ABC BEARINGS 285.70 238.10 19.99
MENON BEARINGS 87.50 74.60 17.29
AUSTIN ENGG CO 69.00 59.00 16.95
NRB BEARINGS 144.85 133.95 8.14
BIMETAL BEARINGS 484.95 453.35 6.97
TIMKEN INDIA 722.00 675.95 6.81
SNL BEARINGS 320.00 300.00 6.67
NRB INDL BEARING 34.55 32.60 5.98
DECCAN BEARINGS 17.95 17.10 4.97
SKF INDIA 1642.15 1568.90 4.67
FAG BEARINGS 4773.20 4684.90 1.88

 

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