Following the open offer by Titan Europe Plc and Titan International, Inc, to public shareholders of Wheels India for acquiring 14.19 lakh shares or 14.38 per cent stake in the company at a price of Rs.725.38 per share, the company’s stock hit the upper circuit limit on Friday.
On the National Stock Exchange, shares hit a record high of Rs.893.25. The stock opened at Rs.765 against the previous close of Rs.744.40. About 3,86,914 shares were traded in the counter on Friday.
On the Bombay Stock Exchange (BSE), it hit the upper circuit limit, and closed at Rs.888.10. About 83,024 shares were traded on the BSE.
As on March 31, 2012, the equity capital of the company was Rs. 9.87 crore while reserves and surplus stood at Rs. 230.56 crore. The face value per share is Rs.10.
In the 12 months ended March 31, 2012, Wheels India posted a net profit of Rs.34.35 crore on a sales turnover of Rs.2,051 crore.
A total dividend of Rs.10 per share was paid in 2011-12.
