The company has entered into an investment agreement with Tevva Motor, Bharat Forge International, UK and existing shareholders of Tevva.
Share price of Bharat Forge rose 2 percent intraday Wednesday as company acquired stake in UK based company.
Tevva provides electric power train solutions for commercial vehicles & buses in the 7.5 - 14 T weight category. This is soon to be extended for the development of new commercial vehicles, especially trucks and buses.
Pursuant to agreement, the company has acquired 34.53 percent and Bharat Forge International, UK, a wholly owned subsidiary of company has acquired 0.73 percent stake in Tevva, aggregating to combined stake of 35.26 percent.
Nifty infra was up in the morning trade led by Interglobe Aviation, Bharat Heavy Electricals, Reliance Communications and PTC India.
Bank Nifty was marginally trading in the positive territory helped by gains from ICICI Bank, HDFC Bank and IndusInd Bank.
The top gainers among Nifty constituents were Sun Pharma, Dr Reddy's Labs, Lupin, Titan Company and Tata Consultancy Services.
Avenue Supermarts, GSK Pharma, Infosys, Quess Corp and Tata Elxsi were the few stocks that hit fresh 52-week highs in the morning trade.
On the other hand, 25 stocks hit a new 52-week low. These include Kwality and Videocon Industries among others.
The breadth of the market favoured advances, with 1012 stocks advancing, 524 declining and 509 remaining unchanged. On BSE, 1089 stocks advanced, 482 declined and 58 remained unchanged.
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