Meanwhile, the BSE Sensex was up 127.57 points, or 0.47%, to 27,503.15.

On the BSE, so far 9.90 lakh shares were traded in the counter, compared with average daily volumes of 74,401 shares in the past one quarter. The stock had hit a high of Rs 85.80 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 79 so far during the day.

The stock hit a 52-week low of Rs 37.15 on 12 February 2016. The stock had outperformed the market over the past 30 days till 24 January 2017, rising 22.16% compared with the 6.08% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 9.68% as against Sensex's 1.66% decline.

The small-cap company has equity capital of Rs 19.87 crore. Face value per share is Re 1.

According to reports, Japanese auto-component maker JTEKT Corporation is set to buy out Indian partner Sona Group's 25% stake in Sona Koyo Steering Systems for Rs 575-625 crore, ending their 32-year-old partnership. JTEKT is believed to have offered the Kapur family, which owns the Sona group, Rs 115-125 per share, valuing the joint venture company at Rs 2300-2500 crore. The reported offer price is almost 50% premium to the ruling market price of Sona Koyo Steering Systems.

As on 31 December 2016, Sona Autocomp Holding held 25.115% stake, while JTEKT Corporation held 20.1% stake in Sona Koyo Steering Systems. Maruti Suzuki India, which is a key customer of the company, held 6.944% stake in the Indian company.

This proposed buyout is in line with the strategy of Japanese auto-component makers who are trying to consolidate their presence in India by buying out their local partners, reports added.

On a consolidated basis, net profit of Sona Koyo Steering Systems fell 7.51% to Rs 6.16 crore on 0.55% decline in net sales to Rs 385.06 crore in Q2 September 2016 over Q2 September 2015.

Sona Koyo Steering Systems is the largest manufacturer of steering systems in India, catering to passenger cars, utility vehicles and light commercial vehicles. Sona Koyo has technical and financial collaboration with JTEKT Corporation, Japan (formally known as Koyo Seiko Co.), the largest producer of passenger vehicles' steering systems in the world. Sona Koyo's customers include major vehicle manufactures in India such as Maruti Suzuki, Toyota, Hyundai, Tata Motors, Mahindra & Mahindra, General Motors and Ford.