Force Motors jumped 16.45% to Rs 357.50 at 9:51 IST on BSE after the company said its promoters have raised their total stake in the company to 56.54% from 51.75% by acquiring additional shares.
The company made the announcement after market hours on Monday, 17 February 2014.
Meanwhile, the BSE Sensex was up 70.33 points, or 0.34%, to 20,534.39.
On BSE, so far 19,000 shares were traded in the counter, compared with an average volume of 3,876 shares in the past one quarter.
The stock hit a high of Rs 364.90 and a low of Rs 312 so far during the day. The stock hit a 52-week high of Rs 437 on 4 December 2013. The stock hit a 52-week low of Rs 225 on 7 August 2013.
The stock had underperformed the market over the past one month till 17 February 2014, falling 15.42% compared with the Sensex's 2.85% fall. The scrip had underperformed the market in past one quarter, sliding 1% as against Sensex's 0.32% rise.
The small-cap company has an equity capital of Rs 13.18 crore. Face value per share is Rs 10.
Force Motors said that the promoters of the company, viz. Jaya Hind Investments and others, have acquired 6.31 lakh equity shares of Rs 10 each (in demat form) on spot delivery basis from twelve members of the company on Monday, 17 February 2014.
The necessary disclosures as per the applicable regulations in respect of these acquisitions of the promoter group are being organized, the company said.
With this acquisition, the number of shares held by the promoter group stands increased from 68.18 lakh equity shares to 74.49 lakh equity shares, i.e. from 51.75% to 56.54% of the total paid up share capital of the company.
Force Motors reported net loss of Rs 8.36 crore in Q3 December 2013 as compared to net profit of Rs 8.12 crore in Q3 December 2012. Total income from operations (net) rose 9.89% to Rs 479.47 crore in Q3 December 2013 over Q3 December 2012.
Force Motors is engaged in the manufacture of LCVs, SCVs, utility vehicles, agricultural tractors and other products related to automobile industry such as diesel engines.
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