Home / BUSINESS / Enkei Wheels gains on entering into pact to form Joint Venture Company

Enkei Wheels gains on entering into pact to form Joint Venture Company

Enkei Wheels (India) is currently trading at Rs. 315.00, up by 9.85 points or 3.23% from its previous closing of Rs. 305.15 on the BSE.

The scrip opened at Rs. 319.95 and has touched a high and low of Rs. 319.95 and Rs. 311.00 respectively. So far 380 shares were traded on the counter.

The BSE group ‘X’ stock of face value Rs. 5 has touched a 52 week high of Rs. 419.30 on 22-Apr-2019 and a 52 week low of Rs. 280.00 on 16-Oct-2019.

Last one week high and low of the scrip stood at Rs. 325.00 and Rs. 295.00 respectively. The current market cap of the company is Rs. 531.07 crore.

The promoters holding in the company stood at 73.65%, while Institutions and Non-Institutions held 0.97% and 25.38% respectively.

Enkei Wheels (India) has entered into Joint Venture Agreement with Nikkei MC Aluminium Company, Century Metal Recycling and Enkei Corporation to form Joint Venture Company. Enkei Wheels (India) will hold 7% i.e. 31.50 lakh equity shares of Rs 10 each in the Joint Venture Company.

The companies has entered a Joint Venture Agreement with the main objects of, inter alia, manufacturing, importing/ exporting, processing of primary and/ or secondary metal, metal scrap recycling and selling of aluminium alloys in molten and ingot form.

Enkei Wheels India operates into only one business segment viz. manufacturing of aluminum alloy castings wheels mainly used in auto industry.

Please share this news