Varroc zooms 20% on divestment plan of 4W lighting biz in US and Europe

The company believes that the divestment is part of company's strategy to align its resources with the high value and high growth primary markets in China, India, and two-wheeler sector globally.

Shares of Varroc Engineering froze 20 per cent upper circuit at Rs 494.60 and hit 52-week high on the BSE. The spike comes after the company signed a Securities Purchase Agreement (SPA) with Compagnie Plastic Omnium SE of France for divestment of 4-wheeler lighting business of the company in US and Europe.

The stock of auto components and equipments maker surpassed its previous high of Rs 458.30 that it had touched on January 14, 2022. Till 09:24 AM; a combined 570,000 equity shares changed hands with 1.32 million shares as pending buy orders on the NSE and BSE.