The company made the announcement before market hours today, 3 December 2008.Meanwhile, the BSE Sensex was down 43.41 points, or 0.50%, to 8695.99.On BSE, shares were traded in the counter. The scrip had an average daily volume of 894 shares in the past one quarter.The stock hit a low of Rs 65 so far during the day. The stock had a 52-week high of Rs 344.90 on 14 December 2007 and a 52-week low of Rs 55.50 on 26 November 2008.
The stock had outperformed the market over the past one month till 2 December 2008, declining 5.49% as compared to the Sensex's 10.72% fall. It had, however, underperformed the market in the past one quarter, falling 50.30% as compared to the Sensex's fall of 41.93%.The small-cap commercial vehicle maker has an equity capital of Rs 13.18 crore. Face value per share is Rs 10.
Force Motors said it would sell up to 14.50% stake in its auto components joint venture with German truckmaker MAN for about Rs 300 crore. MAN would acquire additional equity in the joint venture to increase its stake to 50%, via a rights issue for up to Rs 250 crore.Force Motors currently holds 70% stake in the joint venture, MAN Force Trucks, while the German firm holds the rest.
The joint venture would make trucks and bus chassis over the next few months to widen its footprint in the Indian market.Force Motors reported a net loss of Rs 17.18 crore in Q2 September 2008 as against a net loss of Rs 23.19 crore in Q2 September 2007. Sales rose 5.5% to Rs 224.19 crore in Q2 September 2008 over Q2 September 2007.Force Motors manufactures three and four wheeler light commercial vehicles, tractors and diesel engines. The company sells its products domestically and abroad.
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