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Mint
8 hours ago
- Automotive
- Mint
205% return YTD! Force Motors shares surge nearly 20%, top ₹20,000 mark for first time
Force Motors, the flagship company of the Abhay Firodia Group, saw its shares surge 19.6% in intraday trade on Thursday, July 24, to an all-time high of ₹ 20,500, crossing the ₹ 20,000 mark for the first time and becoming the tenth company whose shares are trading above this level in the Indian stock market. The rally followed the release of the company's June quarter performance, which was announced post-market hours on Wednesday, with the company beating Street estimates on all fronts. The company reported a 52% YoY jump in its consolidated profit to ₹ 176 crore in Q1FY26, compared to ₹ 116 crore in the same period of the last fiscal. Although the company's net profit in the preceding March quarter stood at ₹ 435 crore, it was driven by other income, which came in at ₹ 418 crore. The consolidated revenue from operations during the June quarter rose to ₹ 2,297 crore from ₹ 1,885 crore, marking an improvement of 22%. At the operating level, EBITDA surged 33.3% YoY to ₹ 332 crore, up from ₹ 249 crore in Q1FY25, with margins expanding to 14.4% from 13.2% last year. The company is a fully vertically integrated automobile manufacturer, with expertise in the design, development, and manufacture of a full spectrum of automotive components, aggregates, and vehicles. Its product range includes light commercial vehicles (LCVs), multi-utility vehicles (MUVs), small commercial vehicles (SCVs), sports utility vehicles (SUVs), and agricultural tractors. For the June quarter, the company recorded a healthy increase in vehicle sales (domestic), rising to 2,801 units from 2,465 units in the same period a year ago. These sales comprised small commercial vehicles, light commercial vehicles, and utility vehicles, while it exported 88 units in the same period, which remained flat on a YoY basis. Meanwhile, the company ceased its tractor business a year ago. Further, Force Motors said its board of directors has approved the appointment of Anshul Saxena as part of the company's senior management personnel. The decision was based on the recommendation of the Nomination & Remuneration Committee. Saxena has been designated as Vice President – Corporate Strategy, with the appointment effective from today, July 23. In this role, he will be responsible for leading the company's long-term strategic planning and initiatives. The company's shares have seen an explosive rally so far this year, surging from ₹ 6,538 apiece to the current trading price of ₹ 20,000, a massive gain of 205%. The stock has closed in the green in five of the last seven months (including July), with May marking the highest monthly gain of 42%. In April 2024, the shares crossed the ₹ 10,000 mark for the first time, and it took just over two years to surpass the next ₹ 10,000 milestone, handsomely rewarding its shareholders. Over the past two years, the stock has jumped 1,800%, and over the last five years, it has rallied nearly 2,000%. At the end of June quarter, the promoters hold 61.6% of the company's shares, while foreign portfolio investors and domestic institutional investors own 9.8% and 1.7%, respectively. General shareholders account for 26.9%, according to Trendlyne data.
Mint
9 hours ago
- Automotive
- Mint
205% return YTD! Force Motors shares surge nearly 20%, top ₹20,000 mark for first time
Force Motors, the flagship company of the Abhay Firodia Group, saw its shares surge 19.6% in intraday trade on Thursday, July 24, to an all-time high of ₹ 20,500, crossing the ₹ 20,000 mark for the first time and becoming the tenth company whose shares are trading above this level in the Indian stock market. The rally followed the release of the company's June quarter performance, which was announced post-market hours on Wednesday, with the company beating Street estimates on all fronts. The company reported a 52% YoY jump in its consolidated profit to ₹ 176 crore in Q1FY26, compared to ₹ 116 crore in the same period of the last fiscal. Although the company's net profit in the preceding March quarter stood at ₹ 435 crore, it was driven by other income, which came in at ₹ 418 crore. The consolidated revenue from operations during the June quarter rose to ₹ 2,297 crore from ₹ 1,885 crore, marking an improvement of 22%. At the operating level, EBITDA surged 33.3% YoY to ₹ 332 crore, up from ₹ 249 crore in Q1FY25, with margins expanding to 14.4% from 13.2% last year. The company is a fully vertically integrated automobile manufacturer, with expertise in the design, development, and manufacture of a full spectrum of automotive components, aggregates, and vehicles. Its product range includes light commercial vehicles (LCVs), multi-utility vehicles (MUVs), small commercial vehicles (SCVs), sports utility vehicles (SUVs), and agricultural tractors. For the June quarter, the company recorded a healthy increase in vehicle sales (domestic), rising to 2,801 units from 2,465 units in the same period a year ago. These sales comprised small commercial vehicles, light commercial vehicles, and utility vehicles, while it exported 88 units in the same period, which remained flat on a YoY basis. Meanwhile, the company ceased its tractor business a year ago. Further, Force Motors said its board of directors has approved the appointment of Anshul Saxena as part of the company's senior management personnel. The decision was based on the recommendation of the Nomination & Remuneration Committee. Saxena has been designated as Vice President – Corporate Strategy, with the appointment effective from today, July 23. In this role, he will be responsible for leading the company's long-term strategic planning and initiatives. The company's shares have seen an explosive rally so far this year, surging from ₹ 6,538 apiece to the current trading price of ₹ 20,000, a massive gain of 205%. The stock has closed in the green in five of the last seven months (including July), with May marking the highest monthly gain of 42%. In April 2024, the shares crossed the ₹ 10,000 mark for the first time, and it took just over two years to surpass the next ₹ 10,000 milestone, handsomely rewarding its shareholders. Over the past two years, the stock has jumped 1,800%, and over the last five years, it has rallied nearly 2,000%. At the end of June quarter, the promoters hold 61.6% of the company's shares, while foreign portfolio investors and domestic institutional investors own 9.8% and 1.7%, respectively. General shareholders account for 26.9%, according to Trendlyne data. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
New Indian Express
11 hours ago
- Business
- New Indian Express
Karnataka High Court stays single judge order on differential property fee
BENGALURU: The Karnataka High Court on Wednesday stayed the order passed by the single judge, who set aside the amendment to the Bruhat Bengaluru Mahanagara Palike Act to permit levy of fees for plan sanction, issuance of completion and occupancy certificates and ground rent, based on the guidance value or market value of the properties. However, the division bench clarified that the amount already collected on those heads has to be refunded, if the BBMP fails in its appeal filed before the court against the single judge's order. A division bench of Chief Justice Vibhu Bakhru and Justice CM Joshi passed the interim order after hearing the appeal filed by the BBMP questioning the single judge's order dated June 5. The single judge passed the order while disposing of the petitions filed by Sapthagiri Shelters and several individual property owners and land developers. The single judge observed that a uniform rate can be collected depending upon the size of the plot and the extent of constructions and services related to sanction of plan for building construction rendered by the BBMP has nothing to do with the market value of the property or any logic in linking rates with the guidance value of the properties in different areas, notified by the government under the Karnataka Stamp Act for collection of stamp duty. Declaring that the linking of the fee, leviable under Rule 37-A of the Karnataka Planning Authority Rules, 1965, to the market or guidance value for development of building or land or sanction for sub-division of plot or layout of Private Street under the Karnataka Town and Country Planning Authority Act, is illegal, the single judge had given liberty to the State Government and the BBMP to refix a standard fee after collecting empirical data.
New Indian Express
12 hours ago
- Business
- New Indian Express
Karnataka High Court sets aside single judge order on differential property fee
BENGALURU: The Karnataka High Court on Wednesday stayed the order passed by the single judge, who set aside the amendment to the Bruhat Bengaluru Mahanagara Palike Act to permit levy of fees for plan sanction, issuance of completion and occupancy certificates and ground rent, based on the guidance value or market value of the properties. However, the division bench clarified that the amount already collected on those heads has to be refunded, if the BBMP fails in its appeal filed before the court against the single judge's order. A division bench of Chief Justice Vibhu Bakhru and Justice CM Joshi passed the interim order after hearing the appeal filed by the BBMP questioning the single judge's order dated June 5. The single judge passed the order while disposing of the petitions filed by Sapthagiri Shelters and several individual property owners and land developers. The single judge observed that a uniform rate can be collected depending upon the size of the plot and the extent of constructions and services related to sanction of plan for building construction rendered by the BBMP has nothing to do with the market value of the property or any logic in linking rates with the guidance value of the properties in different areas, notified by the government under the Karnataka Stamp Act for collection of stamp duty. Declaring that the linking of the fee, leviable under Rule 37-A of the Karnataka Planning Authority Rules, 1965, to the market or guidance value for development of building or land or sanction for sub-division of plot or layout of Private Street under the Karnataka Town and Country Planning Authority Act, is illegal, the single judge had given liberty to the State Government and the BBMP to refix a standard fee after collecting empirical data.
The Star
16 hours ago
- Business
- The Star
Five compounds issued to businesses in Klang
Tables and chairs obstructing a pedestrian walkway in front of a restaurant at Jalan Bendahara in Klang. Five compounds were issued by Klang Royal City Council (MBDK) to businesses at Jalan Bendahara off Jalan Sungai Jati yesterday. MBDK Corporate Communications Department director Norfiza Mahfiz said three were for cleanliness (RM1,000 each) and two (RM250 each) for using back lanes as a kitchen as well as placing tables and chairs on the five-foot way. She said MBDK was acting on complaints from several residents associations and Rukun Tetangga on placement of furniture on walkways hindering pedestrians. 'Complaints were also received from neighbouring businesses,' she said. 'Most of the complaints are about restaurants 'reserving' council parking bays in front and near their premises. 'These business operators also obstruct the five-foot way,' she added. An optical shop owner, who did not want to be named, said that apart from tables and chairs, restaurant operators also placed gas tanks on the road and used the back lanes for cooking and washing. MBDK enforcement personnel checking the back lane where a restaurant has extended its kitchen. Norfiza said 95 operations had been carried out from January to July 22 where 161 eateries were inspected and 155 compounds issued for obstruction of pedestrian walkways and using the back lanes as a kitchen. Among the areas MBDK had carried out operations were Bandar Bukit Tinggi, Pusat Bandar Klang and Bandar Bukit Raja, she said. She added that enforcement was carried out under the Food Establishment Licensing By-Laws (MPK) 2007 which covered aspects such as cleanliness, physical structure of the premises, waste disposal and fire safety. 'MBDK also took action under Section 46(1)(d) of the Street, Drainage and Building Act 1974, which prohibits obstruction in streets or public spaces,' said Norfiza.
