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?

Indian Market
by 5paisa Research Team Last Updated: 2022-12-19T15:28:06+05:30

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.

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