Clutch Auto said after trading hours on Tuesday, 5 June 2007, JM Financial mutual fund, through its various schemes, has bought a further 0.64% stake in the company. The funds’ combined stake in Clutch Auto has thus risen to 5.5%, the company said.
On 4 April 2007, Clutch Auto confirmed the company was in advanced stage of negotiations with the US-based International Truck and Engine Corporation, manufacturers of Navistar brand of trucks.
Clutch Auto’s net profit jumped 72.68% to Rs 7.08 crore in Q4 March 2007 as against Rs 4.10 crore in Q4 March 2006. Sales moved up 84.32% to Rs 90.96 crore in Q4 March 2007 (Rs 49.35 crore). Net profit scaled up 71.47% to Rs 21.52 crore in the year ending March 2007 as against Rs 12.55 crore in FY 2006. Sales rose 56.75% to Rs 235.50 crore (Rs 150.24 crore).
Clutch Auto manufactures clutches, and components and spares for the automotive sector. Its clientele includes Tata Motors, Maruti Udyog, Escorts Tractors, Bharat Earth Movers and state transport undertakings.