Suprajit Engineering is buzzing today. The stock, which had closed at Rs.344.75, opened slightly lower at Rs.333.05 and rose to an intraday high at Rs.365.55. Its 52-week high is at Rs.399.

The stock price has reacted positively to the news that it has signed a definitive share and asset purchase agreement to acquire the Light Duty Cable (LDC) business unit with Kongsberg Automotive ASA, listed on the Oslo Stock Exchange, Norway.

The LDC business unit of Kongsberg Automotive Group consists of a cable business, supplying to automotive, non-automotive and 2-wheeler segments, along with Electro-Mechanical Actuators (EMA).

This transaction also involves the transfer of global sales and engineering expertise to Suprajit.

The transaction is expected to close by the end of January 2022.