Shriram Pistons Shares Locked In Upper Circuit After Takahata Precision Acquisition
The company's wholly-owned subsidiary, SPR Engenious Ltd., acquired additional stake in Takahata to increase its total holding to 75%.
Shares of Shriram Pistons and Rings Ltd. were locked in upper circuit on Thursday, after the company acquired an additional 62% stake in Takahata Precision India Pvt.
The company's wholly-owned subsidiary, SPR Engenious Ltd., acquired the additional stake to increase its total holding to 75%.
Post acquisition, Takahata Precision has become a subsidiary of the company.
The decision to expand its existing product portfolio into new areas, like automotive and other industrial segments, was taken by Shriram Pistons to meet its vision for growth and diversification, an exchange filing said.
Shriram Pistons shares rose as much as 5% to Rs 1,216.65 apiece, last trading at this level on Nov. 21. This compares to a 0.08% decline in the NSE Nifty 50.
The stock has risen 111.39% year-to-date. Total traded volume so far in the day stood at 0.6 times its 30-day average. The relative strength index was at 71.