Concord Control Systems surges on getting nod to acquire 66.66% stake in Advanced Rail Controls
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Concord Control Systems is currently trading at Rs. 740.00, up by 16.70 points or 2.31 % from its previous closing of Rs. 723.30 on the BSE.
The scrip opened at Rs. 740.00 and has touched a high and low of Rs. 740.00 and Rs. 740.00 respectively. So far 250 shares were traded on the counter.
The BSE group 'MT' stock of face value Rs. 10 has touched a 52 week high of Rs. 1000.00 on 16-Jan-2024 and a 52 week low of Rs. 249.00 on 13-Jul-2023.
Last one week high and low of the scrip stood at Rs. 750.00 and Rs. 676.90 respectively. The current market cap of the company is Rs. 432.68 crore.
The promoters holding in the company stood at 70.21%, while Institutions and Non-Institutions held 1.63% and 28.16% respectively.
Concord Control Systems has received approval for the investment to acquire 66.66% Equity Shares of Advanced Rail Controls (ARC) against the consideration of around Rs 700 lakh. With the proposed acquisition, ARC shall become a Subsidiary Company of Concord Control Systems. This shall enable the company to enhance its railway electronics portfolio. Leveraging synergies between the two entities, ARC will expand its product portfolio to meet global market demands alongside existing Indian requirements. The transaction is expected to be completed within six months. The Board of Directors of the company at their meeting held on May 02, 2024, have approved the same.
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.
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