Motherson Sumi Systems rose 1.05% to Rs 317.20 at 9:17 IST on BSE after the Reserve Bank of India allowed foreign investors to hike their stake in the company to upto 30% from 24% earlier.
The Reserve Bank of India (RBI) made the announcement after market hours yesterday, 27 September 2016.Meanwhile, the BSE Sensex was up 46.99 points, or 0.17%, to 28,270.69.
On BSE, so far 3,568 shares were traded in the counter, compared with average daily volume of 2.73 lakh shares in the past one quarter. The stock hit a high of Rs 318.55 and a low of Rs 317 so far during the day. The stock hit a 52-week high of Rs 358.55 on 2 August 2016. The stock hit a 52-week low of Rs 206.20 on 25 February 2016. The stock had underperformed the market over the past 30 days till 27 September 2016, falling 3.22% compared with 1.15% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 13.28% as against Sensex's 5.55% rise.
The large-cap company has equity capital of Rs 140.35 crore. Face value per share is Re 1.
RBI notified that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can under the portfolio investment scheme (PIS) now invest upto 30% of the paid up capital of Motherson Sumi Systems. The purchases could be made through primary market and stock exchanges. RBI stated that the company's board of directors and its shareholders approved enhancing the limit for the purchase of its equity shares by FIIs/RFPIs.
Motherson Sumi Systems' consolidated net profit rose 15.8% to Rs 439.36 crore on 16.1% increase in net sales to Rs 10352.33 crore in Q1 June 2016 over Q1 June 2015.
Motherson Sumi Systems is one of the world's fastest growing specialized automotive component manufacturing company for original equipment manufacturers (OEMs). It is a joint venture between Samvardhana Motherson Group and Sumitomo Wiring Systems (Japan).
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