Shares of ASK Automotive surged over 4% on Wednesday, June 26, hitting ₹521.50 on the NSE following a key corporate announcement. The company informed exchanges that its board has approved entering into a joint venture with Germany-based T.D. Holding GMBH to manufacture, market, and sell sunroof control cables and helix cables for passenger vehicles.
As per the filing, ASK Automotive will hold a 49% stake in the new Joint Venture Company (JV Co.), investing up to ₹2.45 crore in one or more tranches. An initial infusion of ₹49 lakh will be made at the time of incorporation of the JV Co., with the remaining 51% stake to be owned by T.D. Holding.
The move reflects ASK Automotive’s strategic aim to diversify into emerging automotive component segments. The company will make further detailed disclosures after signing the joint venture agreement (JVA), as required under SEBI regulations.
At 9:24 AM, ASK Automotive shares were trading 4.11% higher at ₹521.50. The stock’s 52-week range stands between ₹333.30 and ₹525. Market capitalization is currently around ₹10,288 crore.
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