|Bid||14.24 x 0|
|Ask||14.76 x 0|
|Day's range||14.30 - 14.66|
|52-week range||12.94 - 25.84|
|Beta (5Y monthly)||2.09|
|PE ratio (TTM)||23.94|
|Forward dividend & yield||0.28 (2.09%)|
|Ex-dividend date||28 Apr 2022|
|1y target est||N/A|
BENGALURU (Reuters) -Indian auto component maker Varroc Engineering said on Friday it will sell its four-wheeler lighting system operations in the Americas and Europe to France's Compagnie Plastic Omnium for 600 million euros ($630.96 million). Varroc's shares were trading up 20% at 493.85 rupees. India wants electric scooters and motorbikes to make up 80% of total two-wheeler sales by 2030, compared with about 2% now and Prime Minister Narendra Modi's administration is offering companies billions of dollars in incentives to make EVs and components locally.
Plastic Omnium reported on Wednesday a drop of more than 14% in its third-quarter sales as the French car parts maker reduces costs to blunt the blow of customers' cuts in output over component shortages. The chip shortage has seen major carmakers worldwide - still recovering from coronavirus disruptions - cut or even suspend their production, eating into demand for auto parts. "We are significantly sharpening our focus on cost reduction and cash generation," Chief Executive Officer Laurent Favre said in a statement, citing an "exceptionally volatile market" due to the ongoing shortages in semiconductor chips.