ASK Automotive Gains 2.7% as Goldman Sachs Acquires Stake

16 Nov 2023 , 12:15 PM

ASK Automotive registered a 2.7% gain in early trade on November 16, marking the second consecutive day of positive performance on the stock exchanges. Goldman Sachs India Equity Portfolio acquires 23.2 lakh equity shares in ASK Automotive, equivalent to 1.18% of paid-up equity, through an open market transaction. The average price per share is Rs 310.05, totaling Rs 71.95 crore.

The stock saw a 10% increase after listing at an 8% premium. The promoters of ASK Automotive are Kuldip Singh Rathee and Vijay Rathee. ASK Automotive holds the position of the largest manufacturer of brake-shoe and advanced braking systems for two-wheelers in India, boasting a market share of approximately 50% in Fiscal 2023 in terms of production volume for OEM and the branded independent aftermarket (IAM), combined.

The company reports a robust 48.8% YoY growth in net profit, reaching Rs 122.9 crore for the fiscal year ended March FY23. Revenue from operations during the same period rises by 27% to Rs 2,555.17 crore.

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