Stock Market today: Small-cap telecom stock Salasar Techno Engineering Limited share price gained during the intraday trades after an acquisition update
Salasar Tecno Engineering share price movement
Salasar Tecno Engineering share price opened at ₹10.40, on the BSE on Monday, around 1% higher than the previous close of ₹10.29. The Salasar Tecno share price thereafter further rose to intraday highs of ₹10.85, marking gains of more than 5%. The Salasar Tecno Engineering share price that has corrected from highs of more than ₹22 a share to lows of ₹10.02 seen today, however has rebounded well.
Salasar Tecno Engineering share price rebounded more than 8% from intraday lows on Mnday to intraday highs on Monday.
Salasar Tecno Engineering updates on a acquisition
Salasar Tecno Engineering recently has intimated the exchanges of having signed an Memorandum of Understanding or MOU with M/s Elegant Forge & Equipments Pvt. Ltd. for a proposed acquisition of the said entity
As per its release on the exchanges dated 14 February 2025, Salasar Tecno Engineering said that the Board of Directors of the Company, at their meeting held on. February 14, 2025, inter alia, considered and took note of the execution of a non-binding Memorandum of Understanding (“MOU”) dated February 13, 2025, between the SALASAR (the Company) and M/s Elegant Forge & Equipments Pvt. Ltd. for a proposed acquisition of the said entity. The execution of non-binding Memorandum of Understanding will be subject to satisfactory completion of due diligence to be conducted by an independent third party within a period of 45 (forty-five) days from the date hereof.
The primary markets served by M/s Elegant Forge & Equipments Pvt. Ltd. are the engineering, railroad, defense, oil and gas, and aerospace industries. The company manufactures industrial forging equipment and associated components.
Salasar Engineering Limited was founded in 2006 as a tower manufacturer and has since grown into a rapidly expanding steel structure builder and EPC infrastructure company that offers services in the energy, telecom, and railroad sectors.
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