Wheels India and Japan based co. announce a strategic partnership in India

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On Friday, Wheels India (WIL) and Topy Industries (Topy), Japan, have reached an agreement regarding a strategic partnership in the passenger car steel wheels business in India, whereby Topy will acquire a 26% stake in WIL Car Wheels (WCWL), a wholly-owned subsidiary of WIL.  The investment will be made through new issue of equity shares by WCWL to Topy. Subject to relevant regulatory approvals, the transaction is expected to be completed in a few months.

WCWL was set up by WIL to carry on the passenger car steel wheel business in India. WIL has entered into agreements to transfer its entire passenger car steel wheel business carried out at its plants in Padi, Chennai, and Bawal, Haryana, on a slump sale basis, to the new company.

With this transfer, WCWL will have a leadership position in the passenger car steel wheels segment, catering to all major automobile manufacturers in India as well as to the export segment.

The passenger car steel wheels business reported a turnover of Rs 224.30 crores in FY 2017. It caters to major automotive players in India such as Maruti Suzuki, Hyundai and Ford and already has a leading market share in this segment.

Stock View :

Wheels India Ltd is currently trading at Rs 1325, up by Rs 45 or 3.52% from its previous closing of Rs 1280 on the BSE.
The scrip opened at Rs 1293.95 and has touched a high and low of Rs 1330 and Rs 1280.15 respectively. So far 3508(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1540.13 crore.
The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 1417 on 09-Aug-2016 and a 52 week low of Rs 1081 on 09-Nov-2016. Last one week high and low of the scrip stood at Rs 1304 and Rs 1261 respectively.
The promoters holding in the company stood at 75 % while Institutions and Non-Institutions held 7.9 % and 17.1 % respectively.
The stock is currently trading above its 50 DMA .        

Wheels India Ltd :-
BSE 1,325.00 45    (3.52%)
NSE 1,320.05 30.70    (2.38%)


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