Meanwhile, the S&P BSE Sensex was up 251.71 points, or 0.7% to 36,030.78.

On the BSE, 97,000 shares were traded in the counter so far, compared with average daily volumes of 30,000 shares in the past two weeks. The stock had hit a high of Rs 58.65 and a low of Rs 53.05 so far during the day.

Pointer Telocation and Pricol announced that they intend to enter into a joint venture to provide advanced telematics and IoT solutions in India and other countries in South East Asia. Pointer will control 51% interest and Pricol will control 49% interest in this proposed joint venture. Pointer Telocation is a leading developer, manufacturer and operator ofMobile Resource Management (MRM).

Through the joint venture, Pointer and Pricol will provide a variety oftelematics solutions to the customers for both the OEM and the aftermarket segments. Pricol will bring its robust manufacturing capabilities as well as strong sales and distribution network in OEM and aftermarket segment. Pointer will provide its capabilities in design and development of telematics solutions, and its strong sales network oftelematics service providers, system integrators and mobile operators.

Pricol's net profit dropped 59.26% to Rs 2.88 crore on 16.19% rise in total income to Rs 369.96 crore in Q2 September 2018 over Q2 September 2017.

Pricol is a leading manufacturer of automotive components for the global automotive market.