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Mumbai: Shares of auto ancillary Bosch rallied more than 9 per cent in Tuesday's afternoon session, and were on track to log their biggest daily gain since July in high volume trade.
At 2:46 pm, Bosch shares were up 9.16 per cent at Rs 12,900.70, while Sensex climbed 1 per cent to 44,509.84 points.
Earlier this month, Bosch and BASF Digital Farming signed a 50:50 joint venture (JV) agreement to market and sell globally smart farming solutions from a single source in the future.
According to a company release, the JV was signed on November 10 and will be followed by the founding of a new company based in Cologne, which will be established in the first quarter of 2021.
Bosch shares are down 15.5 per cent for the year to date and are down 20.4 per cent over the last year.
On November 7, ICICI Securities had upgraded the stock to ‘reduce’ from ‘sell’.
“We believe the efforts to right-size core business lay a better foundation for the future; however, underlying business challenges (market share loss in M&HCV, decline of diesel share in PV’s) and uncertainty on current demand sustenance remain key risks,” ICICI analyst said in a note.
“We believe margins scale back (>15%+) is likely an uphill battle considering the product mix and pricing considerations,” the brokerage added.
At 2:46 pm, Bosch shares were up 9.16 per cent at Rs 12,900.70, while Sensex climbed 1 per cent to 44,509.84 points.
Earlier this month, Bosch and BASF Digital Farming signed a 50:50 joint venture (JV) agreement to market and sell globally smart farming solutions from a single source in the future.
According to a company release, the JV was signed on November 10 and will be followed by the founding of a new company based in Cologne, which will be established in the first quarter of 2021.
Bosch shares are down 15.5 per cent for the year to date and are down 20.4 per cent over the last year.
On November 7, ICICI Securities had upgraded the stock to ‘reduce’ from ‘sell’.
“We believe the efforts to right-size core business lay a better foundation for the future; however, underlying business challenges (market share loss in M&HCV, decline of diesel share in PV’s) and uncertainty on current demand sustenance remain key risks,” ICICI analyst said in a note.
“We believe margins scale back (>15%+) is likely an uphill battle considering the product mix and pricing considerations,” the brokerage added.
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