Force Motors Gains 1.20% as Board Approves Stake Acquisition in Tata Power's Subsidiary for Solar Project

13 Dec 2023 , 02:43 PM

Force Motors’ share price rises 1.20% in early trade on December 13 following board approval for acquiring a 12.21% stake in TP Surya Limited, a subsidiary of Tata Power Renewable Energy.

At the time of writing, Force Motors is trading at Rs 3,699.95 on the BSE, which is a 0.17% hike than previous close.

The acquisition involves 26,87,421 equity shares for solar power procurement from a specific plant by TP Surya in Maharashtra under open access mode. The move aligns with the Maharashtra Group Captive arrangement for Green Energy with Tata Power Renewable Energy.

The acquisition, expected to be completed before March 31, 2024, is subject to closing conditions, with consideration payable in cash.

In November, Force Motors’ total production reached 2,216 units, with domestic sales at 1,732 units and exports at 339 units. For the quarter ending September, the company reported a 387% jump in net profit at Rs 93.87 crore.

Force Motors’ share touched a 52-week high of Rs 4,468.00 and a low of Rs 1,085.20 on November 13, 2023, and March 28, 2023, respectively. Currently, the stock trades 16.56% below its 52-week high and 243.53% above its 52-week low. The share price has surged nearly 200% in the last 9 months.

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