Ashok Leyland trades higher as its arm signs definitive agreement to acquire TECOSIM Group
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Ashok Leyland is currently trading at Rs. 229.05, up by 0.60 points or 0.26% from its previous closing of Rs. 228.45 on the BSE.
The scrip opened at Rs. 229.95 and has touched a high and low of Rs. 230.30 and Rs. 225.60 respectively. So far 1228838 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 245.60 on 25-Jun-2024 and a 52 week low of Rs. 157.65 on 14-Mar-2024.
Last one week high and low of the scrip stood at Rs. 230.75 and Rs. 221.40 respectively. The current market cap of the company is Rs. 67053.32 crore.
The promoters holding in the company stood at 51.52%, while Institutions and Non-Institutions held 36.23% and 12.25% respectively.
Ashok Leyland’s subsidiary -- Hinduja Tech (HT) has signed a definitive agreement to acquire TECOSIM Group. This strategic acquisition broadens Hinduja Tech's presence in the European and international markets and solidifies its position as a leading provider of mobility engineering services worldwide. The company gains a strategic foothold in Europe, expanding its geographic reach and gaining access to key customer accounts.
With TECOSIM, Hinduja Tech strengthens its global delivery footprint with enhanced capabilities and strengthened regional delivery centers for European customers with a nearshore delivery offering. The acquisition significantly enhances Hinduja Tech's capabilities and market reach. The TECOSIM Group, with over 650 employees, brings a wealth of expertise and innovative solutions to the table, solidifying Hinduja Tech's position as a key player in the engineering services sector.
Ashok Leyland, the Hinduja Group flagship company in India, is engaged in the manufacturing of commercial vehicles and related components. The company’s products include buses, trucks, engines, defense and special vehicles.
