Jobaaj Stories
The stock of auto ancillaries company Sona BLW surged 6.2% in today's session even though benchmark indices declined over half a percent. Moreover, it climbed over 6% a day after it fell to around 7%.
Sona Comstar is an Indian-origin automotive systems and components manufacturer. It is one of India's leading automotive tech manufacturers which manufactures specialised automotive parts in 9 plants located across India, the USA, Mexico and China. It serves several OEMs located across the US, Europe, India and China.
The stock of Sona BLW declined 6.9% yesterday as it was the company's worst performance at the bourses this year. The decline was on account of a block deal made by Blackstone, the world's largest alternative investment firm.
The firm divested the entirety of its 20.5% in the company by selling the same in the open market. The 12 million shares were sold at around a price of Rs 410 per share, dragging the share price down.
However, several marquee investors like the Government of Singapore, Societe Generale and BNP Paribas, purchased the entire stake as the company's stock found support in foreign brokerages.
CLSA stated that it maintained a Buy rating on the stock while adding that the exit of Blackstone did not affect the growth projections of the firm.
Leading to an improvement in investor sentiment as the scrip of Sona BLW surged throughout the session today to ultimately close at Rs 431.10, up 6.2% from yesterday's close.
- Aman Agarwal
