Sharda Motor shares rally 10% to hit 52-week high after ₹474 crore block deal

As many as 23.7 lakh shares of Sharda Motor changed hands on June 26 in a block deal with an estimated value of ₹474 crores, according to reports. The deal was carried out with an average share price of ₹1,996.

The buyers and sellers involved in Sharda Motor’s block deal could not be ascertained. The traded volume of the stock stood at 4.66 lakh on June 26.

Shares of Sharda Motor opened the session on Wednesday at ₹2,010.00, up by 0.6% from the previous closing of ₹1997.6 before hitting the day’s high. The stocks settled the day's trade ₹2,062.2, up by 3.13% on NSE, following price correction from the high.

On June 7, the company informed the exchanges about its buyback offer. Sharda Motor’s buyback offer, open between June 11 and June 18, was carried out to purchase up to 10,27,777 fully paid-up equity shares of face value of ₹2 each.

The buyback was conducted at a price of ₹1,800 per share, aggregating to ₹184.9 crore for shares worth 3.46% in the company’s paid-up share capital.

Sharad Motor Industries Limited's financial performance results for the year and quarter ending March 31, 2024, showed a slight uptick.

The automotive components maker’s consolidated revenue from operations for the March quarter grew more than 2% to ₹703.38 crore compared to ₹688.16 crore in the year-ago period.

Sharad Motor’s revenue from operations for FY24 grew 4% to ₹2,809.26 crore against ₹2,699.93 crore in the preceding fiscal. The net profit for the financial year ended March 31, 2024, grew 42% to ₹88.29 crore compared to ₹62.06 crore in the year-ago period.

The company’s net profit for FY24 surged nearly 44% to ₹299.59 crore compared to ₹208.33 crore in FY23.