In Thursday’s intra-day trade on the BSE, Sona BLW Precision Forgings (Sona Comstar) equity shares fell 6% to Rs505 after more than 100 million of the company’s equity shares were traded in block trades.
According to data from the exchanges, as of 9:30 am, 126 million equity shares, or 21.56 percent of Sona Comstar’s total equity, had combinedly traded hands on the BSE (92.2 million) and NSE (33.7 million) markets. According to data, a change in ownership of 86.4 million equity shares, or 14.79% of the company’s total equity, occurred at 9:15 am. It was not possible to instantly determine the names of the purchasers and vendors.
According to other online news reports, Blackstone Inc. plans to sell shares of Indian automobile component manufacturer Sona Comstar to generate up to Rs3,180 crore ($400 million). Up to 79.43 million shares, or 13.6% of the corporation, are being offered by private equity investors. The terms state that a subsidiary of the US company is selling Sona BLW Precision Forgings Ltd. shares for Rs 500 each. According to the article, that represents a 7.2% decrease from the closing price on Wednesday.
The stock, however, underperformed the market during the past six months, declining 21% as opposed to the S&P BSE Sensex’s gain of 3.8%. On June 24, 2021, Sona Comstar made its stock market debut. Shares were sold by the company for Rs291 each. On June 24, 2021, the stock’s price reached a record low of Rs 295.15; on December 14, 2021, it reached a record high of Rs839.
One of the top companies in the world for automotive technology is Sona Comstar. It was established in 1995, has its headquarters in Gurugram, India, and has nine manufacturing and assembly facilities spread out across India, the USA, Mexico, and China.
Sona Comstar’s main business is developing, producing, and distributing highly developed, vital automotive systems and parts to original equipment manufacturers (OEMs). Sona Comstar is one of the industry’s top suppliers to the rapidly expanding worldwide electric vehicle (EV) sector.
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