Sundram Fasteners rose 2.41% to Rs 95.80 at 11:35 IST on BSE after the company said its wholly owned subsidiary has acquired 24.53% of equity capital of TVS Infotech.
The announcement was made after market hours on Friday, 20 June 2014.
Meanwhile, the S&P BSE Sensex was down 83.35 points or 0.33% at 25,022.16.
On BSE, so far 22,000 shares were traded in the counter as against average daily volume of 81,885 shares in the past one quarter.
The stock hit a high of Rs 97.40 and a low of Rs 95 so far during the day. The stock had hit a record high of Rs 102 on 11 June 2014. The stock had hit a 52-week low of Rs 30.35 on 6 August 2013.
The stock had outperformed the market over the past one month till 20 June 2014, jumping 12.24% compared with the Sensex's 2.99% rise. The scrip had also outperformed the market in past one quarter, surging 73.24% as against Sensex's 15.48% rise.
The small-cap automotive components maker has equity capital of Rs 21.01 crore. Face value per share is Re 1.
Sundram Fasteners said that its wholly owned subsidiary, Sundaram Fasteners Investment, has acquired 24.53% of equity share capital of TVS Infotech (an existing associate company) consequent to the allotment of rights shares to Sundaram Fasteners Investment. With this acquisition, Sundaram Fasteners Investment has 62.27% equity stake in TVS Infotech. TVS Infotech has thus become a subsidiary of Sundaram Fasteners Investment and consequently a step-down subsidiary of Sundram Fasteners with effect from 18 June 2014.
TVS Infotech holds 100% equity stake in TVS Infotech Inc., Michigan, USA. As a result of the above mentioned acquisitions, TVS Infotech Inc., Michigan, USA has also become a subsidiary of Sundram Fasteners Investments and consequently a step-down subsidiary of Sundram Fasteners with effect from 18 June 2014, Sundram Fasteners said.
TVS Infotech is an information technology company. The company provides services for core industries like manufacturing, automotive and distribution. It is a part of $5 billion TVS Group.
Sundram Fasteners' net profit surged 67.5% to Rs 27.45 crore on 8.2% growth in net sales to Rs 507.96 crore in Q4 March 2014 over Q4 March 2013.
Sundram Fasteners is a part of TVS Group, headquartered in Chennai, India. The company has a diversified product line with world-class facilities in 4 countries.
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