Concord Control Systems shines on planning to acquire 50% stake of Concord Lab to Market Innovations
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Concord Control Systems is currently trading at Rs. 684.95, up by 26.95 points or 4.10 % from its previous closing of Rs. 658.00 on the BSE.
The scrip opened at Rs. 718.90 and has touched a high and low of Rs. 718.90 and Rs. 675.00 respectively. So far 12250 shares were traded on the counter.
The BSE group 'M' stock of face value Rs. 10 has touched a 52 week high of Rs. 718.90 on 9-Nov-2023 and a 52 week low of Rs. 174.00 on 17-Nov-2022.
Last one week high and low of the scrip stood at Rs. 718.90 and Rs. 615.30 respectively. The current market cap of the company is Rs. 403.79 crore.
The promoters holding in the company stood at 73.53%, while Institutions and Non-Institutions held 2.21% and 24.26% respectively.
Concord Control Systems has planned to make investment to acquire 50% Equity Shares of Concord Lab to Market Innovations on its incorporation. With the proposed acquisition, the target company shall become an Associate Company of Concord Control Systems. This shall enable the Company to explore new opportunities and diversify new area in railways and locomotives. The proposed Investment aims at creating synergistic relationship and growth. The transaction is expected to be completed within two months.
Concord Control Systems is engaged in the business of manufacturing and supply of coach related and electrification products for Indian Railways and other Railway Contractors.
