Bearings stocks rally; Bimetal Bearings, Fag Bearings hit record high

Timken India entered into definitive agreement to acquire ABC Bearings

Shares of bearings companies are on a roll, surging up to 20% on BSE after Timken India board approved the amalgamation of ABC Bearings with the company.

ABC Bearings was locked in upper circuit of 20% at Rs 287, also its record high on BSE. Timken India surged 7% to Rs 725 after hitting high of Rs 738 on BSE in intra-day trade.

Shareholders of ABC Bearings will get five shares of Timken India for eight shares held on the record date.

“Timken India, a subsidiary of The Timken Company, a world leader in engineered bearings and