Schaeffler India shares rise after acquisition of KRSV Innovative Auto Solutions

| Leave a Comment | Stocks

Shares of Schaeffler India rose nearly 2% on September 11 after the company completed the acquisition of 100% shareholding of KRSV Innovative Auto Solutions.

KRSV is a Bengaluru-based B2B company that offers spare parts solutions in the Indian aftermarket workshops. The acquisition will help Schaeffler India to build a strong online platform in the automotive aftermarket space.

Broking house Sharekhan has maintained its ‘buy’ rating on the stock with a revised price target of Rs 3,928 per share. The broking house believes that the acquisition will help Schaeffler India to benefit from the growing automotive aftermarket market in India.

The company is also well-positioned to capitalize on the growth of electric vehicles (EVs) in India. Schaeffler India is already a supplier of system solutions to EVs, and the acquisition of KRSV will further strengthen its position in this market.

Overall, the acquisition of KRSV is a positive development for Schaeffler India and is likely to boost its growth prospects in the coming years.

Here are some additional details from the article that I have included in the rewritten version:

  • The acquisition price was about Rs 142 crore.
  • KRSV is a fast-growing company with a strong online platform.
  • The acquisition will help Schaeffler India to expand its reach in the Indian aftermarket market.
  • Sharekhan believes that the acquisition will be a long-term positive for Schaeffler India.

Related News

  • 22 Sep

    NBCC shares trade higher on Rs 100 crore work order from SAIL

    NBCC shares were trading 3 percent higher on September 22 after the company announced having bagged a work order worth Rs 100 crore from SAIL. This is the fourth order-win announced by the company in this month, the total value of the same being Rs 450 crore. NBCC is a public sector undertaking engaged in the business of construction and real estate development. The company specializes in providing project management, consultancy and engineering services for civil construction, infrastructure development, and real estate projects.

  • 22 Sep

    Glenmark Pharma stock falls on stake sale in Glenmark Life Sciences

    Glenmark Pharma stock fell after the company announced it would sell a 75% stake in its subsidiary Glenmark Life Sciences to Nirma. Analysts expect the stake sale to benefit Glenmark Pharma, as it will transition from a net debt position to a cash surplus position. This is expected to have a positive impact on the company's return ratios over the next two to three years.

  • 22 Sep

    Berger Paints Shares Hit 52-Week High After Turning Ex-Bonus

    Berger Paints shares surged 6% to hit a 52-week high after turning ex-bonus on the record date for the issue of bonus shares in the ratio 1:5. The company posted a net profit of Rs 326.3 crore in the April-June quarter of FY24, up 39% year-on-year, on revenue of Rs 2,739.7 crore, up 10% year-on-year. The company expects to get net cash positive by the end of this fiscal year and expects to end the year with double-digit revenue growth on strong demand outlook.

  • 22 Sep

    Market Update for September 22, 2023

    IdeaForge Tech up 3.4% on order RVNL up 3% on highway MoU JSW Steel up 0.4% on sale ICICI Lombard down 1.6% on CEO exit ICICI Bank down 1% on healthcare investment NHPC up 1.3% on extended additional charge Kalyani Forge up 3.2% on new MD IRB Infra up 2.5% on road project closure

  • 22 Sep

    Lux Industries Shares Down 3% After Income Tax Raid

    Lux Industries shares fell 3% on September 22 after news emerged that the Income Tax department had conducted searches at the company's premises in Kolkata and alleged a tax evasion of Rs 200 crore. The company has confirmed the searches and is extending full support.

Leave a Reply

Your email address will not be published. Required fields are marked *