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Mothersom Sumi Shares Surge 8% As Profits Rise
Shares in Motherson Sumi surged 8 per cent, after the company reported a superb set of quarterly numbers that largely beat estimates.
The company said that the consolidated net profit figures were at Rs 413.72 crore for the quarter ended March 2016 against Rs 340.10 crore in the same quarter last year.
Vivek Chaand Sehgal, MSSL's chairman in a release said, "It has been a good year to further enhance our performance. We are seeing huge capacity expansion at SMP at the request of customers. Operational improvements have been put in place and we have an exciting innovation pipeline, across MSSL companies."
The shares of Motherson Sumi last trading at Rs 285 a share, about 8 per cent higher than the closing price seen on Monday.
Motherson Sumi Systems Limited (MSSL) is a specialised automotive component manufacturing company for original equipment makers.
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