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Apollo Tyres gains on acquiring 27% stake in CSE Deccan Solar for Rs 9 cr – EQ Mag Pro

Apollo Tyres gains on acquiring 27% stake in CSE Deccan Solar for Rs 9 cr – EQ Mag Pro

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Apollo Tyres rose 1.60% to Rs 235.25 after the company made a cash investment of Rs 9.33 crore by acquiring 27.20% stake or 11,66,250 equity shares having face value of Rs 10 each, at a premium of Rs 70 each, on Friday, 14 January 2022.

CSE Deccan Solar incorporated on 11 February 2019 is a domestic company, and is domiciled in Mumbai, Maharashtra, India. It will be engaged in the business of generation and distribution of solar energy. The company has not yet commenced business.

The tyre maker reported a consolidated net profit of Rs 173.82 crore in Q2 FY22 as against a net loss of Rs 246.28 crore registered in Q2 FY21. Consolidated net sales grew 18.2% to Rs 5,077.32 crore in Q2 FY22 from Rs 4,294 crore posted in Q2 FY21.

Apollo Tyres is an international tyre major with manufacturing units in India, the Netherlands and Hungary.

Source : capital markets

Anand Gupta Editor - EQ Int'l Media Network