Auto Ancillaries Company Inks Pact To Acquire 100% Stake In Koovers, Shares Up

Schaeffler India Ltd. on Monday, August 28, announced that its Board of Directors has approved the acquisition of 100% of the shares of KRSV Innovative Auto Solutions Private Ltd. (Koovers), a Bengaluru-based private limited company offering spare parts solutions to Indian aftermarket workshops via a B-to-B e-commerce platform.

Following the announcement, the management team of Schaeffler India Limited will host a conference call on Thursday, August 31, 2023, at 10.30 hrs. IST for 45 mins. The call will open with key comments and a presentation from the senior management followed by a question-and-answer session from analysts and investors, the company stated in a filing.

According to the company, the management team will be represented by Mr. Harsha Kadam - Managing Director & Chief Executive Officer, Schaeffler India Limited and Mr. Satish Patel - Director Finance & Chief Financial Officer, Schaeffler India Limited.

Schaeffler India shares surged 0.25%, closed at Rs 3026 per share on BSE with highs and lows of Rs 3041.65 and Rs 2975.05, respectively.

Stock jumped 2.54% in 1 week. It jumped 0.48% in 1 year. In 2 and 3 years, it gave 110.10% and 283.36% positive returns, respectively. In 5 years, it gave 183.95% positive return.

The stock hit 52-week high at Rs 3968.75 on Sept 15, 2022 and 52-week low at Rs 2554.75 on Jan 30, 2023. It has a market cap of Rs 47,2967.49 Crore.

Schaeffler India Ltd. is engaged in the development, manufacturing and distribution of high-precision roller and ball bearings, engine systems and transmission components, chassis applications, clutch systems and related machine-building manufacturing activities.