Block Deal
Block deals can be seen in auto component segment company Samvardhan Motherson and promoters can sell major stakes in the company. This news has come out quoting sources. Sources have informed CNBC Awaaz that promoter Sumitomo Wiring can sell a 4.5 percent stake in Samvardhan Motherson through a block deal. Sources said that about 30 crore shares can be sold through this deal.
The base price for the block deal can be kept at Rs 121-122 per share. Which can be between 2.5 to 3.5 percent less than the market price. At present the market price is above 125. Sources have also informed that JP Morgan and ICICI Securities will be the brokers for this deal.
According to the data till the end of December, the promoters' stake in the company is 64.78 percent. Earlier in the September quarter, the promoters' stake was 74.77 percent, while the promoters have also reduced the pledged shares from 2.32 percent to 1.86 percent as compared to the September quarter.
How has the company's performance been?
The performance of the company's stock has been better than the market. The one-year return of the stock is about 57 percent. So far in the year 2024, the company has given a return of 23 percent. The company has grown by more than 34 percent in 3 months. The company's return in a month is more than 7 percent. There was a sharp rise in the stock in Tuesday's trading and the stock closed at the level of 125.45 with a gain of about 5 percent.
The December quarter profit of the company increased by 19 percent compared to last year and reached Rs 542 crore. At the same time, the EBITDA of the company has increased by 43 percent to Rs 2424 crore. Net sales increased by 27 percent to Rs 25697 crore. At the same time, EPS has increased from 0.67 to 0.8 on year-on-year basis.