SKF India’s shares surged by more than 6% to reach an intraday high of Rs 5,492.60 on the NSE in early trade on October 9.  The significant increase in share price followed the company’s intention to demerge its automotive and industrial business.

In an exchange filing, SKF India stated that the demerger aims to enhance the automotive business’s independence in decision-making and investments. 

During its meeting on October 8, the board of directors approved the “separation of the automotive business” in line with the decision made during the September 17, 2024 meeting.

The company further explained that the Audit Committee and Corporate Restructuring Committee carefully evaluated various options for segregating the company’s Automotive and industrial businesses. 

SKF India emphasised that the proposed separation will empower the automotive industry to make autonomous decisions and pursue strategic investments.

At 11:39 am, shares of SKF India Limited were trading 3.51% higher at Rs 5,350.10 on the NSE.

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