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Business News/ Markets / Stock Markets/  Sona BLW share price today falls on block deals buzz; stock trades near 52-week low
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Sona BLW share price today falls on block deals buzz; stock trades near 52-week low

Sona BLW Precision Forgings shares plunged more than 3% on the BSE in Monday's early deals


Shares of Sona BLW Precision Forgings Ltd plunged more than 3% to 424 apiece on the BSE in Monday's opening trading session on the reports of block deals. The stock has been hovering around its 52-week low of 397 that it had hit in December 2022.

As per a report by CNBC-TV18, around 12.1 crore shares i.e., 20.7% equity, worth 4,985 crore change hand in a block deal window today at an average of 410 per share. Mint could not independently verify the update.

Reports suggested that Blackstone, the world’s largest alternative asset manager, will be selling its remaining stake in Sona BLW Precision Forgings Ltd (Sona Comstar) for $640 million. Investment bank JM Financial is managing the sale, the people cited above said on condition of anonymity. Blackstone currently owns approximately 20.5% stake in Sona Comstar.

Blackstone acquired Comstar Automotive Technologies in 2017. The next year, it bought Sona BLW Precision Forgings Ltd and merged them to form Sona Comstar. Overall, it invested around $385 million in the two businesses.

Auto components maker Sona BLW Precision Forgings reported a 24% increase in its consolidated net profit to 107 crore for the third quarter ended December 31, 2022 as compared to 86 crore in the October-December quarter of the last fiscal. Revenue from operations rose to 675 crore in the period under review against 486 crore in the year-ago period.

"We delivered our highest quarterly revenue, EBITDA and net profit in Q3 FY23. Our revenue grew 39 per cent year-on-year in the last quarter, driven by the scale-up of revenue from new programs," Sona BLW Precision Forgings MD & Group CEO Vivek Vikram Singh had said in the earnings statement.

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Published: 13 Mar 2023, 11:25 AM IST
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