This Mahindra Group stock shines by more than 4% on increasing its stake in Sunbarn Renewables; do you own it?

This Mahindra Group stock shines by more than 4% on increasing its stake in Sunbarn Renewables; do you own it?

by 5paisa Research Team Last Updated: Dec 19, 2022 - 03:28 pm 6.1k Views

Shares of this company from Mahindra Group jumped after announcing investment in equity shares of Sunbarn Renewables and were up by 4.34% on BSE during early morning market hours.

On December 19, 2022, the scrip opened at Rs 338.35 and touched its 52-week high on the same day at Rs 344.80 after a shoot-up in price by 4.34%. The 52-week high of the scrip is Rs 344.80, whereas the 52-week low is Rs 164.00.

Management of the company Mahindra CIE Automotive has subscribed for 2,40,000 equity shares of Sunbarn Renewables (Sunbarn) at Rs 10 each, amounting to 26.12% of Sunbarn's post-issue paid-up capital. Sunbarn is a company associate, so the transaction would be considered a related party transaction.

Sunbarn is incorporated as a special-purpose vehicle by Cleantech India OA (Cleantech), a Singapore-based company. Cleantech creates, finances, builds, owns, and manages solar photovoltaic projects.

Cleantech has installed and commissioned captive solar plants, which supply captive power to the Company's Forgings Chakan and Magnetics Products Division, Bhosari plants. Sunbarn is constructing a 6MWp captive solar plant to supply additional captive power to the Company's plant at Forgings Chakan.

Mahindra CIE Automotive Limited is a subsidiary of CIE Automotive S.A, which is based in Spain. Mahindra Vehicle Manufacturing Ltd. is another significant shareholder. The company manufactures and sells automotive components to original equipment manufacturers and other customers in India and around the world.

The scrip's one-week high and low were Rs 341.90 and Rs 282.05 respectively. The company's current market capitalization is Rs 12,380.92 crore

The promoters hold 74.96% of the company, while Institutions and Non-Institutions have 14.92% and 10.10%, respectively. At the time of writing, the shares were trading at Rs 340.60 a piece on BSE.


How do you rate this article?

or

Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage

About the Author

Our research team is composed of some highly qualified research professionals, their expertise range across sectors.

Disclaimer

Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.

Open Free Demat Account

Resend OTP
Please Enter OTP
Account belongs to

By proceeding, you agree to the T&C.

Latest News
Sahana Systems IPO GMP (Grey Market Premium)

Sahana Systems IPO worth ₹32.74 crore comprises entirely of a fresh issue of shares by the company. The price band has been fixed in the range of ₹132 to ₹135.

  • Jun 06, 2023
Infollion Research IPO GMP (Grey Market Premium)

Infollion Research Services IPO worth Rs.21.45 crore, comprises of a fresh issue and an offer for sale (OFS) by promoters and early shareholders. The price band has been fixed in the range of Rs80 to Rs82.

  • Jun 06, 2023

Start Investing Now!

Open Free Demat Account in 5 mins

Enter Valid Mobile Number