Yesterday, Sundaram Finance Holdings informed that its Board has approved the acquisition of upto 12.25 lakh equity shares, which is 5.09% in Wheels India from Titan Europe Limited, U.K. (Titan).
As at 31st March’20, Sundaram Finance held 13.58% in the company and now it goes up to 18.67%.
The company’s Q4FY20 earnings were discouraging, impacted due to Covid. It posted a consolidated net profit of Rs.20 crore, down 85% (YoY) and revenue fell 35% to Rs.587 crore.
The stock is in the green currently, rising over 3% to an intraday high at Rs.491.80. It had come of this high and is now trading at Rs.484 levels.