 "Dynamatic Technologies surges 16% on demerger plan of auto division")
Dynamatic Technologies has surged 16% to Rs 1,875 on the BSE in intra-day trade after the company announced that its board will meet on Wednesday, February 28, 2018 to consider and approve de-merger of auto division.
“An interim Board meeting is being called on Wednesday, 28th February 2018 to consider, deliberate and approve the comprehensive de-merger plan of auto divisions of Dynamatic Technologies Limited,” the company said in a regulatory filing.
The move to de-merge the auto divisions of the Company is in further to the direction of the board at its meeting held on 9th August 2017, it added.
Dynamatic Technologies designs and builds highly engineered products for automotive, aeronautic, hydraulic and security applications. The company’s automotive business accounted 59% of FY2017 revenues.
Dynamatic Technologies produces high quality Ferrous and Non-Ferrous Automotive Components for Highway, Off-Highway and Technology oriented applications for leading Global Automotive OEMs.
At 11:21 am; the stock was trading 15.5% higher at Rs 1,860 on the BSE, as compared to 0.39% rise in the S&P BSE Sensex. A combined 14,970 shares changed hands on the counter on the BSE and NSE so far.
“An interim Board meeting is being called on Wednesday, 28th February 2018 to consider, deliberate and approve the comprehensive de-merger plan of auto divisions of Dynamatic Technologies Limited,” the company said in a regulatory filing.
The move to de-merge the auto divisions of the Company is in further to the direction of the board at its meeting held on 9th August 2017, it added.
Dynamatic Technologies designs and builds highly engineered products for automotive, aeronautic, hydraulic and security applications. The company’s automotive business accounted 59% of FY2017 revenues.
Dynamatic Technologies produces high quality Ferrous and Non-Ferrous Automotive Components for Highway, Off-Highway and Technology oriented applications for leading Global Automotive OEMs.
At 11:21 am; the stock was trading 15.5% higher at Rs 1,860 on the BSE, as compared to 0.39% rise in the S&P BSE Sensex. A combined 14,970 shares changed hands on the counter on the BSE and NSE so far.
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