Home Tech Updates Auto Mobile Sharda Motor surges nearly 10% as board approves demerger of car seating...

Sharda Motor surges nearly 10% as board approves demerger of car seating biz

255
0

The company has entered into the common challenge (J.V.) agreement with Eberspaecher Exhaust Technology International GmbH (EET) for commercial enterprise development of BS-VI norms in the business car segment in India also.

Shares of Sharda Motor Industries surged almost 10 percentage intraday Tuesday after enterprise board agreed to the proposed demerger of the car seating commercial enterprise.

In its assembly held on February 25, the enterprise board principally agreed to the proposed demerger of the automobile seating enterprise.

The corporation has delegated the powers to Ajay Relan (Managing Director), Vivek Bhatia (Chief Financial Officer) and Nitin Vishnoi (Company Secretary) Key Managerial Personnel(s) of the organization for taking needful moves for the identical, in due course of time.

Company has entered into the joint undertaking (J.V.) agreement with Eberspaecher Exhaust Technology International GmbH (EET) for enterprise improvement of BS-VI norms in the business vehicle section in India also.

This Joint Venture is predicted to carry advantages to each of the J.V. Partners i.E. SMIL & EET.

Also, the board authorized Ajay Relan, Managing Director of the organization to negotiate and sign the joint project settlement with Eberspacher Exhaust Technology International GMBH J.V. Partner.

The board also took note of the memorandum of family settlement amongst the promoters/ promoters group of the business enterprise (MOFS).

Additionally, please be noted that the necessary disclosures in appreciation of each of the above events shall be given to the Stock Exchange(s) as and when the applicable activities show up, the enterprise stated in a launch.

At 12:13 hrs, Sharda Motor Industries was quoting at Rs 1,521.00, up Rs 118.15, or eight. Forty-two percentage at the BSE.