Sona BLW Precision Forgings’ stock soared over 8.6% on Tuesday, reaching an intraday high of Rs 458.90. The volume of the stock increased dramatically by a factor of more than 7.24.
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On January 9, 2022, the business notified the exchange that it had reached an agreement to purchase at least 54% of the voting and capital stock of NOVELIC, a self-sufficient supplier of mmWave radar sensors, perception technologies, and complete stack embedded systems.
Sona BLW thinks that NOVELIC intends to expand in the field of autonomous and connected car technologies with their strengths in sensors and perception solutions. The acquisition will cost 40.5 million euros in total, which will be covered by their current funds.
An Indian firm called Sona BLW Precision Forgings specialises in automobile technologies. The business specialises in developing, producing, and distributing engineering automotive systems and parts for all types of vehicles, including gears, differential assemblies, conventional and micro-hybrid motors, BSG systems, and EV traction motors. The business creates base and application software solutions as well as mechanical and electrical hardware systems, components, and systems.
The firm has risen more than 9.50% during the past five trading days, demonstrating bullish momentum. Watch this stock closely as it is trending.