Sundaram-Clayton gained 4.38% to Rs 2,453.35 after the firm announced that its board has approved the opening of qualified institutional placement (QIP) issue of equity shares with the floor price of Rs 2,320.78 per share.
The floor price of Rs 2,320.78 is at a discount of 1.26% to the previous day's closing price of Rs 2,350.40 on the BSE.The company stated that it may offer a discount of not more than 5% on the floor price so calculated for the issue.
Sundaram-Clayton is a leading manufacturer of aluminium die-casting components. It supplies to major automotive OEMs including TVS Motor, the Cummins group, the Volvo group, Hyundai Motor India, the Daimler group, and to component suppliers such as Wabco India and the Visteon group.
The company reported consolidated net loss of Rs 55.85 crore in Q1 FY25 as compared to net loss of Rs 35.52 crore recorded in Q1 FY24. Revenue from operations rose 11.4% YoY to Rs 580.43 crore in June 2024 quarter.
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