Auto Mobile

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

Shares of Sharda Motor Industries surged almost 10 percent intraday Tuesday after business enterprise board agreed to the proposed demerger of the automobile seating enterprise.

The employer board in its meeting held on February 25, in principally agreed to the proposed demerger of the car seating enterprise.

The enterprise 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 corporation for taking considered necessary moves for the same, in due path of time.

Company has entered into the joint venture (JV) agreement with Eberspaecher Exhaust Technology International GmbH (EET) for business improvement of BS VI norms in industrial vehicle segment in India additionally.

This Joint Venture is expected to carry blessings to each the JV Partners i.E. SMIL & EET.

Also, board legal Ajay Relan, Managing Director, of the agency to barter and signal the joint challenge agreement with Eberspacher Exhaust Technology International GMBH J.V Partner.

Board additionally took notice of the memorandum of family agreement amongst promoters/ promoters institution of the organisation (MOFS).

It may please be cited that the vital disclosures in appreciate of each of the above activities, will be given to the Stock Exchange(s) as and whilst the applicable occasions happen, corporation stated in launch.

At 12:thirteen hrs Sharda Motor Industries was quoting at Rs 1,521.00, up Rs 118.15, or 8.42 percent at the BSE.