Craftsman Automation surged 8.79% to Rs 5,260 after the company announced that it has entered into a memorandum of understanding (MoU) with Sunbeam Lightweighting Solutions Private (Sunbeam) and Kedaara Capital Fund II LLP (Kedaara).
The firm will acquire the whole or part of the business of Sunbeam (excluding certain specific assets of Sunbeam situated in Gurugram) in one or more tranches.
The completion of the proposed transaction remains subject to inter alia, completion of due diligence, final approval of the board of directors of the company, execution of definitive documents and completion of other customary conditions as may be required under the law.
Craftsman Automation is a diversified engineering company with vertically integrated manufacturing capabilities, engaged in three business segments, namely automotive powertrain and others, automotive aluminium products, and industrial and engineering.
Craftsman Automation reported that its consolidated net profit declined 12.09% to Rs 70.53 crore despite of 12.74% increase in revenue from operations to Rs 1,105.34 crore in Q4 FY24 over Q4 FY23.
