Sandhar Technologies rose 3.93% to Rs 222 after the company said it entered into a non-binding memorandum of understanding with Unicast Autotech for acquiring aluminium die casting business.
"The closure of the transaction is subject to satisfactory due diligence and execution of definitive binding agreement," the company said in a regulatory filing made on Sunday (21 March 2021).
Sandhar Technologies is a diversified auto-component manufacturer. The company caters to multiple automotive segments, including two wheelers, passenger vehicles, commercial vehicles, off-highway vehicles and tractors. It has several manufacturing facilities in India, two in Spain and one each in Poland and Mexico.
The company's consolidated net profit surged 113.74% to Rs 29.24 crore in Q3 FY21 from Rs 13.68 crore in Q3 FY20. Net sales during the quarter rose 23.49% YoY to Rs 593.08 crore.
In the past one month, the stock has declined by 8.38% while the benchmark Nifty 50 index and the Nifty Auto index have lost 0.54% and 2.69%, respectively.
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