Rico Auto shares up over 8%

MUMBAI: Shares of auto components maker Rico Auto Industries surged over 8 per cent today as the company divested its entire stake in FCC Rico Ltd, its erstwhile joint venture with Japan's FCC Co.

The scrip went up by 7.57 per cent to settle at Rs 49.75 on the BSE. In intra-day session, it jumped 11.35 per cent to 52-week high of Rs 51.50.

At the NSE, it climbed 8.28 per cent to end at Rs 49.70. In terms of volume, 14.46 lakh shares of the company changed hands at the BSE, while more than 34 lakh shares were traded at the NSE during the day.

FCC Rico Ltd is now entirely a FCC Group held company, the company said.

"The company has divested its entire 50 per cent stake in FCC Rico Ltd, its erstwhile joint venture with FCC Co Ltd, Japan," Rico Auto Industries said in a filing to the BSE.

The company had earlier divested 50 per cent stake in the JV firm in September for Rs 495 crore to its Japanese partner FCC Co Ltd.