Motherson Sumi Systems rose 1.77% to Rs 411.15 at 09:32 IST on BSE after the company announced signing of an agreement for purchase of assets of Scherer & Trier group, Germany from it's administrator through its step down subsidiaries.
Meanwhile, the BSE Sensex was down 229.57 points, or 0.84%, to 27,089.99
On BSE, so far 53,138 shares were traded in the counter, compared with an average volume of 97,000 shares in the past two weeks.
The stock hit a high of Rs 420 and a low of Rs 409.50 so far during the day. The stock hit a record high of Rs 450 on 25 November 2014. The stock hit a 52-week low of Rs 178.25 on 30 January 2014.
The large-cap company has an equity capital of Rs 88.19 crore. Face value per share is Re 1.
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Motherson Sumi Systems after trading hours yesterday, 15 December 2014 announced signing of an agreement for purchase of assets of Scherer & Trier group, Germany from it's administrator through its step down subsidiaries. The consideration payable is approx. Euro 36 million for the assets including land and building & inventories along with the shareholding held in Mexican entities. This acquisition includes 2 manufacturing facilities situated at Michelau (Germany) and Puebla, (Mexico), Motherson Sumi Systems said.
The acquired entity develops and manufactures extrusion profiles, moulded parts made of thermoplastics and hybrid components made of metal and plastic catering to OEMs like Audi, BMW, Daimler, Ford, GM, VW etc. along with other customers
The current turnover of Scherer & Trier is in the range of Euro 240 million, Motherson Sumi Systems said.
This acquisition further consolidates Motherson Sumi Systems' polymer business in Europe & North America. The deal is subject to completion of regulatory approvals and is expected to be completed in the month of January 2015, Motherson Sumi Systems said.
Commenting on the acquisition, Mr. V C Sehgal, Chairman, Samvardhana Motherson Group said: This acquisition will further strengthen the product portfolio of Motherson. The significant synergies between Scherer & Trier products and Samvardhana Motherson Automotive Systems Group BV, will now allow Motherson to offer a more diversified range of polymer products to its customers.
Motherson Sumi Systems (MSSL) is the flagship company of the Samvardhana Motherson Group (SMG). Samvardhana Motherson Automotive Systems Group BV (SMRPBV) is a Samvardhana Motherson Group Company. SMRPBV is joint venture between Motherson Sumi Systems (MSSL), the flag-ship company of SMG and Samvardhana Motherson International (SMIL), the principal holding company of SMG through their subsidiaries.
On a consolidated basis, Motherson Sumi Systems' net profit fell 25.2% to Rs 104.44 crore on 10.7% increase in total income to Rs 8021.54 crore in Q2 September 2014 over Q2 September 2013.
Motherson Sumi Systems supplies components, modules and systems to the automotive sector. Its business portfolio encompasses electrical distribution system (EDS), polymer products and complete module solutions. It is the largest supplier of EDS to the Indian automotive industry.
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