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JBM Auto share price rises over 8% on buying majority shareholding in German firm

JBM Auto share price opened at 263 level on the BSE. JBM auto share price was trading above its 50-day moving average of 271 and below its 200-day moving average of 301 levels, respectively.

twitter-logo BusinessToday.In        Last Updated: February 25, 2019  | 11:19 IST
JBM Auto share price rises over 8% on buying majority shareholding in German firm
The JBM Auto share price rose up to 8.36% or 22 points to 285 level in morning trade compared to the previous close of 263 level on the BSE.

The JBM Auto share price rose in early trade today after its parent JBM Group announced the acquisition of major shareholding in Germany based Linde-Wiemann GmbH KG, a leading manufacturer of complex structural components & assemblies to automotive OEM's worldwide. The JBM Auto share price rose up to 8.36% or 22 points to 285 level in morning trade compared to the previous close of 263 level on the BSE.

JBM Auto share price opened at 263 level on the BSE.

JBM auto share price was trading above its 50-day moving average of 271 and below its 200-day moving average of 301 levels, respectively.

Its turnover stood at Rs 6.45 lakh with 2,299 shares changing hands on the BSE. JBM Group is the $1.5 billion conglomerate with business interest in auto systems and assemblies.

The acquisition brings to the foray a plethora of synergies for JBM Group in the form of new products, global customers, new German technologies that will not only help in expanding the global footprint of the homegrown conglomerate but will also aid in adding strategic value to its Indian operations, thereby increasing the Group's long-term competitiveness.

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Linde-Wiemann, headquartered in Dillenburg, Germany, specializes in proprietary technologies in areas such as hot forming, tubular assemblies and usage of alternate materials such as aluminium resulting in lightweighting in auto systems.

The company has a strong base of 17 manufacturing plants across 8 countries such as Germany, US, China, Spain, Turkey, Czech Republic, Hungary and South Africa with an employee strength over 2300 plus. The company has an experience of over 70 years serving global auto OEMs such as BMW, Volkswagen, Audi, Skoda, Porsche, Daimler, Ford, PSA, etc.

JBM Auto is an automotive company that manufactures auto systems and city buses. The company manufactures sheet metal components for automobiles, and tools and dies for automobiles. Its segments include sheet metal components, assemblies & sub-assemblies; tool, dies & moulds, and bus division. The sheet metal components, assemblies & sub-assemblies segment manufactures components.

The bus division includes activities related to development, design, manufacture, assembly and sale of bus, as well as parts, accessories and maintenance contracts of same. Its business divisions include component division and tool room division. Its product portfolio includes chassis and suspension parts, air tanks, fuel tanks, exhaust systems and complete cowl assemblies.

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 Edited by Aseem Thapliyal

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