 "Sundram Fasteners gains on restructuring overseas operations")
Shares of Sundram Fasteners have gained over 1% at Rs 168.50 on the NSE after the company decides to restructure its international operations to maximise the revenue potential.
The company has created a new subsidiary Sundram International Ltd for potential acquisitions. The Chinese company Sundram Fasteners (Zhejiang) Ltd and the UK subsidiary Carmlington Precision Forge Ltd have become subsidiaries of Sundram International Ltd.
Both these companies are profitable and have been paying dividends to the parent, said the company. The new UK subsidiary will be used for acquisitions, mainly for technology.
The stock opened at Rs 166 and touched a high of Rs 169 on the NSE. Over 50,000 shares have changed hands on the BSE and the NSE.
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