6/25/2014 11:43:00 AM
NEWS BRIEFS
Sundram Fasteners Increases Stake in U.S. IT Firm
Sundram Fasteners share value increased following news the India-based company acquired 24.53% of equity capital of TVS Infotech, the Business Standard reports.
With this acquisition, Sundaram controls 62.27% equity stake in TVS Infotech, which became a subsidiary of Sundaram Fasteners Investment.
TVS Infotech holds 100% equity stake in Michigan-based TVS Infotech Inc., an information technology company that provides services for core industries like manufacturing, automotive and distribution.
Sundram Fasteners’ net profit rose 67.5% to Rs 27.45 crore on 8.2% growth in sales to Rs 507.96 crore in final quarter of fiscal 2014, which ended in March.
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