Mico gains on parent's investment decision

DALAL STREET SPIKES

Mico was in limelight gaining nearly 5 per cent after the parent company, Robert Bosch, said that it would make a Rs 1,000 crore investment in India, mainly through Mico, in the next four years as a part of its strategy to focus on Asia.

The stock as a result spurted to a day's high of Rs 1,544, before closing at Rs 1494.20, up 4.84 per cent from its previous close.

From a recent high of Rs 1,506.30 on July 16, 2004, the scrip had slipped to yesterday's low of Rs 1,425.50 on selling pressure and overall subdued market.

As part of expansion, the parent company will transfer global automotive technologies to Mico to enhance the technological sophistication of its customers in India which include global and Indian original equipment manufacturers (OEMs).