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Sharda Motor Industries rallied 3.28% to Rs 1,675.90 after the company announced that it has entered into an agreement to transfer the leasehold rights over the land and building of the company situated at Haridwar.
The property, located at Plot No. 4, Sector-2, I.I.E. Ranipur, Haridwar (Uttarakhand), spans approximately 12,325 square meters. As per the agreement, Sharda Motor Industries is set to receive Rs 23.05 crore within 60 days of the agreement's signing or on or before the registration of the transfer with the concerned authority, whichever comes first.
The buyer of the property is Avadh Rail Infra and the transaction is not related to the promoter, promoter group, or group companies of Sharda Motor Industries.
The agreement to transfer the leasehold rights is part of a separate transaction and is not part of the company's Scheme of Arrangement. It does not fall under the terms of regulation 37A of the Listing Regulations, as it does not constitute the transfer of an undertaking or substantially the whole of an undertaking under Section 180(1)(a) of the Companies Act, 2013.
The agreement is scheduled to be executed within 60 days from the date of its signing on 24 February 2024.
Sharda Motor Industries is engaged in the manufacturing and assembly of auto components. The company operates as a 'Tier I' vendor for several prominent automobile and electronics original equipment manufacturers (OEMs). With manufacturing facilities spread across multiple locations in four states of India, its product range includes exhaust systems, catalytic converters, suspension systems, and sheet metal components for the automotive sector.
The company's consolidated net profit for Q3 FY25 decreased slightly to Rs 75.44 crore, compared to Rs 75.97 crore in Q3 FY24. Revenue from operations also saw a marginal decline, falling to Rs 689.99 crore in Q3 FY25 from Rs 689.12 crore in the same period last year.
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