Motherson Sumi Systems rose 3.93% to Rs 342.20 at 12:21 IST on BSE after the company's commentary at the time of announcement of fund raising plans that with a strong order book position, the company remains on a growth trajectory.
Meanwhile, the S&P BSE Sensex was up 39.47 points, or 0.14%, to 27,736.98.
On BSE, so far 6.36 lakh shares were traded in the counter, compared with an average daily volume of 2.7 lakh shares in the past one quarter. The stock hit a high of Rs 347 and a low of Rs 334.50 so far during the day. The stock hit a record high of Rs 395.85 on 6 August 2015. The stock hit a 52-week low of Rs 206.20 on 25 February 2016. The stock had outperformed the market over the past one month till 3 August 2016, rising 14.56% compared with 2.04% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 27.25% as against the Sensex's 9.78% rise.
The large-cap auto components maker has equity capital of Rs 132.29 crore. Face value per share is Re 1.
Motherson Sumi Systems's board of directors has decided to take approval of shareholders through an enabling resolution to enhance long term resources to support the company's growth potential. The announcement was made after market hours yesterday, 3 August 2016. The company's board has approved preferential allotment of upto 1.78 crore equity shares or issue of foreign currency convertible bonds (FCCB) of an amount upto Rs 562.50 crore to overseas promoter group firm Sumitomo Wiring Systems (SWS), Japan. The board also decided to take shareholders approval for an enabling resolution to raise up to Rs 3000 crore through qualified institutional placement. This is step towards gearing up for the growth in line with the vision 2020 announced by the company. MSSL has set the target of becoming $18 billion company by 2020. The company has grown with a CAGR of over 40% in the last 10 years.
The company currently has over 145 manufacturing facilities. To meet the global customer demand, 17 plants are in different stages of completion across the globe under different business verticals.
Also Read
On a consolidated basis, Motherson Sumi Systems' net profit rose 21.6% to Rs 413.72 crore on 8% growth in net sales to Rs 10068.10 crore in Q4 March 2016 over Q4 March 2015. The company is scheduled to announce Q1 June 2016 results on 10 August 2016.
Motherson Sumi Systems including its subsidiaries and joint ventures is one of the leading manufacturers of automotive wiring harnesses and mirrors for passenger cars. It is also a leading supplier of plastic components and modules to the automotive industry.
Powered by Capital Market - Live News