Commercial Engineers & Body Builders Co Ltd has signed / entered into a Share Subscription and Shareholders Agreement for the formation of a joint venture between Commercial Engineers & Body Builders Co. Limited ('Company'), Jupiter Wagons Limited, KOVIS D.O.O and KOVIS IND D.O.O and the consequent subscription of equity shares of the joint venture company, Jupiter Kovis (INDIA) Private Limited ('JVC') incorporated for the purpose of the joint venture.
The Jupiter Kovis (INDIA) Private Limited ("JVC") will initially be engaged in the business of sale of brake discs and will subsequently set up a manufacturing facility in India to manufacture brake discs.
The Company is engaged in the business of fabricating vehicle bodies for equipment manufacturers and also supplies equipment which is used in manufacturing railWay wagons. The JVC will also be engaged in the business of sale and manufacturing of brake discs. Given the similar nature of business, the joint venture will bring in synergy and would be of interest to the shareholders of the Company.
Shares of COMMERCIAL ENGINEERS & BODY BUILDERS CO. LTD. was last trading in BSE at Rs.14.54 as compared to the previous close of Rs. 14.4. The total number of shares traded during the day was 9305 in over 67 trades.
The stock hit an intraday high of Rs. 15 and intraday low of 14.48. The net turnover during the day was Rs. 137072.