Sundram Fasteners is currently trading at Rs. 172.75, up by 7.40 points or 4.48% from its previous closing of Rs. 165.35 on the BSE.
The scrip opened at Rs. 165.10 and has touched a high and low of Rs. 182.00 and Rs. 165.10 respectively. So far 21,000 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 209.90 on 09-Apr-2015 and a 52 week low of Rs. 135.00 on 29-Feb-2016.
Last one week high and low of the scrip stood at Rs. 182.00 and Rs. 165.00 respectively. The current market cap of the company is Rs. 3,647.00 crore.
The promoters holding in the company stood at 49.53% while Institutions and Non-Institutions held 20.07% and 30.39% respectively.
Sundram Fasteners, a flagship company of the TVS Group, has restructured its international operations in order to maximize the revenue potential and shareholders’ value. It has created a new subsidiary called Sundram International based in the United Kingdom.
The Chinese company Sundram Fasteners (Zhejiang) and the UK subsidiary Cramlington Precision Forge have become subsidiaries of Sundram International. Both these companies are profitable and have been paying consistent dividends to the parent company. The new company Sundram International will be used as a vehicle, as and when the opportunity arises, to acquire technology companies abroad.
As part of the restructuring, Sundram Fasteners has found it prudent to divest itself of the German subsidiary Peiner Umformtechnik and its affiliates. The German subsidiary has been impacted adversely since the recession of 2008 and has not been performing to the expectation of Sundram Fasteners. Sundram Fasteners’ management, after a detailed review, has decided that the German company be divested. Accordingly, the German subsidiary has been divested to a German investor.
The company is confident that the divestiture of the German subsidiary will go a long way in strengthening the balance sheet of Sundram Fasteners and improving shareholders’ value in Sundram Fasteners.
| Company Name | CMP |
|---|---|
| Sundram Fasteners | 1152.95 |
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| Lakshmi Prec. Screws | 6.19 |
| Simmonds Marshall | 157.10 |
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