TVS Electronics soars on sale of Contract Manufacturing Business

The shares of TVS Electronics Ltd soared on the announcement that on May 31, 2007, it executed the Business Transfer Agreement for transfer of the Contract Manufacturing Services Business at Tumkur (CMS Business) for a consideration of Rs 41.12 Crores with Incap Contract Manufacturing Services Pvt Ltd, a Wholly Owned Subsidiary of Incap Corporation, Finland.

The shares of the company opened the day at Rs.41, down Rs.0.85 compared to its previous close of Rs.41.85. But, on this announcement the company's shares soared and hit the upper level of circuit limit.

The stock was struck at the upper circuit level of Rs.50.20, up by Rs.8.35 or 19.95%.

In BSE, 19647 shares were pending for buying with no sellers. The total traded quantity was 136560 at a weighted average price of Rs.47.85. The volume was huge compared to 2 week average of 6798.

Source : Equity Bulls

Keywords