The Hi-Tech Gears
informed that the company has incorporated a wholly-owned subsidiary by the name of 'Neo-Tech Auto Systemz Inc.' in the US.
The proposed business interest of the WOS falls in the general engineering, industrial components and automotive industry segments, said the company in a BSE filing.
The object of the acquisition is to be part of a global value chain with a footprint in important and essential geography, also said the company.
The Hi-Tech Gears was trading at Rs 345 per share, down by Rs 2 or 0.58% as at 1225 hours on Monday, on the BSE. The stock hit an intraday high and low of Rs 346 and Rs 342.20 respectively.
The stock attracted a traded volume of 3,375 shares and traded value of Rs 11.57 lakh on the NSE. The company had hit its 52-week high of Rs 410 on October 6, 2016, and 52-week low of Rs 263.40 on November 22, 2016, on the NSE.
The Hi-Tech Gears Limited is an India-based company engaged in the manufacturing of auto components. The company is primarily engaged in the business of gears and transmission components. The company offers a range of parts and accessories for vehicles, including motorcycles/scooters, as well as toothed wheels, chains pocket and other transmission parts.