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HomeUncategorizedForce Motors up 10.13pc; Bajaj Group exits co

Force Motors up 10.13pc; Bajaj Group exits co

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Shares of Force Motors gained 123.56 percent in a period between January to date (in 2014). It gained 16.8 percent intra-day on Tuesday.

Force Motors was quoting at Rs 808.80, up Rs 74.40, or 10.13 per cent. It touched a 52-week high of Rs. 858. Meanwhile, Bajaj Group ended its 10-year old alliance with the company by selling off all its stake in Force Motors. It sold its final tranche of 5.32 lakh shares in Force Motors versus 23 per cent stake held in June last year.

Force Motors has been posting consistent earnings – its first quarter FY15 revenue grew 8 per cent to Rs. 545 crore, while its profit after tax rose 35 per cent to Rs. 19.3 crore. In fiscal year 2014, its revenues jumped 2.5 per cent at Rs. 2022 crore and PAT was up 3.2X at Rs. 62.9 crore. It is a debt-free company and has cash reserves of Rs. 216 crore.

The promoters of Force Motors have been aggressively hiking stake in the company and have raised stake twice in six months. Current promoter holding in the company stands at 56.54 percent versus 51.75 per cent in February.

Force Motors has set an ambitious target of achieving Rs. 10,000 crore turnover in five years and plans to invest Rs. 1000 crore over the next four years. The company is eyeing 20 per cent market share in niche off-road vehicle segment and aims to sell 2,400 units of soon-to-be-introduced off road vehicle Gurkha.

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