Force Motors shares gain on starting Rs 100 crore facility in Pune

By: | Updated: June 22, 2016 1:09 PM

Force Motors shares gained nearly 3 per cent intraday on Wednesday after the company inaugurated its brand new facility at Chakan in Pune

force motors sharesForce Motors shares gained nearly 3 per cent intraday on Wednesday after the company inaugurated its brand new facility at Chakan in Pune (Photo: Reuters)

Force Motors shares gained nearly 3 per cent intraday on Wednesday after the company inaugurated its brand new facility at Chakan in Pune, entailing an investment of Rs 100 crore, to supply engines and axles to Mercedes-Benz India.

At 12.50 pm, shares of Force Motors were trading 1.23 per cent up at Rs 2,984.85. The scrip opened at Rs 2959 and has touched a high and low of Rs 3,033 and Rs 2,923, respectively, in trade so far. Sensex was marginally down 16.30 points, or 0.06 per cent, at 26,796.

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The plant will help Force Motors be more flexible in terms of the production capacity demands. The company has been the preferred partner for producing engines for all Mercedes Benz cars and SUV’s made in India since 1997.

The new plant, which is spread over 1,30,000 sq ft, has eight lines that produce and test up to 14 engine variants.

For the quarter ended March 31, 2016, the comany reported net profit of Rs 73.74 crore, up 59.32 per cent, against Rs 46.28 crore in the corresponding quarter a year ago. Net sales of the company grew 30.07 per cent year-on-year to Rs 903.41 crore.

Force Motors sells vehicles including small commercial vehicles, multi-utility vehicles, light commercial vehicles, sports utility vehicles and agricultural tractors.

(With agency inputs)

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