Force Motors surges 18% on BMW order
The company said it will start procuring components from at least seven India-based auto parts makers
Mumbai: Pune-based Force Motors Ltd rose 18.09% to ₹ 1,342.25 as the company will now produce engines and gearboxes for Bayerische Motoren Werke AG (BMW).
The German luxury car maker has said it will start procuring components from at least seven India-based auto parts makers in response to Prime Minister Narendra Modi’s call to multinational companies to make in India.
BMW India Pvt. Ltd, which entered India in 2007, sells its products as partly assembled (complete knocked-down) units or as fully imported (completely built) units.
Force Motors reported a net profit of ₹ 9.99 crore for the quarter ending December. It reported a net loss of ₹ 8.37 crore for the same quarter last year. Net sales grew 7.8% from ₹ 475.05 crore to ₹ 511.92 crore. Debts on the books of Force Motors stood at ₹ 12.86 crore for the half year ending September 2014.
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