The board of Pricol has "approved the acquisition of PMP Auto Components," Pricol said in a regulatory filing. "Pricol and PMP Auto Components, India have entered into an exclusive and binding agreement for Pricol to acquire the entire ownership interest in wiping systems business of PMP", said Pricol.
The auto maker plans to issue maximum of 2.35 crore equity share at a price of Rs 50 per share including premium of Rs 48 aggregating to Rs 117.5 crore, it said in a BSE filing.
Auto components manufacturer Minda Industries today posted 55 per cent rise in profit after tax at Rs 44.73 crore for the third quarter ended December 31.
Auto components major Bosch today said its offer to buyback 8.78 lakh shares, about 25 per cent of the paid up capital of the firm, for Rs 2,019.76 crore would begin on October 6.
Later, the stock made some recovery and was trading 1.81 percent lower at Rs 43.30 on BSE.
As per an agreement between the two parties, Vishnu Vaibhav Industry Pvt Ltd (VVIPL) will focus on manufacturing of four-wheeler switches for domestic OEMs in India under its technical collaboration and service provider agreement with ZF TRW, the company said in a statement.
"Subsequent to the sale, CMWL is no longer a wholly owned subsidiary of Pricol and no longer part of the Pricol Group," Pricol Ltd said in a regulatory filing.
Kwon Oh-hyun, a vice chairman who has long managed Samsung's electronics component business, will oversee the new team.
The board has also approved hiving-off of the running business of battery division of the company, located at Pant Nagar, Uttrakhand to a prospective joint venture between Minda Industries and Panasonic Corporation.
The company is currently operating at 80-85 percent capacity utilization and expects it to improve to 95 percent in second half of FY15.
Prasad Koparkar of CRISIL Research says that cement margins will improve in the next one year as the sector is already witnessing some pick-up.
The Chennai-based company had reported a consolidated net loss of Rs 85.16 lakh during the same period of the previous year, Sundaram Brake Linings said in a BSE filing.
Auto components major Bosch today reported 1.70 percent increase in its net profit at Rs 251.68 crore for the second quarter ended June 30, 2013.
Private equity firm Citi Venture Capital International has acquired a "substantial stake" in Sansera Engineering by investing around Rs 340 crore.
M&M is merging all its auto components businesses into Mahindra Forgings, which will be renamed Mahindra CIE Automotive, where Spain's CIE will hold majority stake. The deal will help M&M scale its auto components business and bring additional expertise and enhanced product portfolio.
Bharta Forge, India's largest forging company reported 31 percent drop in revenues while net profit was down 9 percent in the fourth quarter.
With growth driver such as low cost raw material, easily available man power and quality assurance, India is certainly becoming the new destination for global outsourcing and manufacturing.
Credit Suisse initiates coverage of India's auto components makers and says the sector offers "a structural positive story and a large higher margin replacement market."
Finance Minister Pranab Mukherjee will announce the Union Budget on March 16 and the auto sector will be keenly tuned in for any helping hand from the government to push up slowing sales, and will also look for clarity on issues like a possible tax on diesel cars.
Gasket maker Talbros Automotive Components and Italian Magneti Marelli, via arm Sistemi Sospensioni have signed an agreement to form a 50-50 joint venture to make suspension systems and other auto components.
With Chennai enjoying a favourable climate among auto investors, the Tamil Nadu government today said it would strive make the city a global hub in the field of automobile and auto components manufacturing.
Paban Kataky, executive director- automotive, tells CNBC-TV18 in an interview that a combination of original equipment manufacturers (OEMs) and a dwindling replacement market hit their earnings this season.
The European Union made up of 27-nations has declared that negotiations for the proposed free trade agreement with India are expected to be concluded by the end of this year, reports The Hindu Business Line.