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Motherson Sumi gains as subsidiary forms JV with Ossia Inc

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Systems rose 0.76% to Rs 385.90 at 09:26 on after the company through its subsidiary announced joint venture with Ossia Inc.

The announcement was made after market hours yesterday, 9 January 2018.

Meanwhile, the Sensex was down 6.40 points, or 0.02% to 34,436.79.

On the BSE, 17,000 shares were traded in the counter so far, compared with average daily volumes of 10.91 lakh shares in the past one quarter. The stock had hit a high of Rs 387.40 and a low of Rs 384.85 so far during the day. The stock hit a record high of Rs 395 on 20 December 2017. The stock hit a 52-week low of Rs 214 on 20 January 2017.

The large-cap company has equity capital of Rs 210.53 crore. Face value per share is Re 1.

Systems, part of (SMG), through its subsidiary (SMRP BV) announced the formation of a Joint Venture (JV) with Ossia Inc., innovator of the revolutionary

(MI), a subsidiary of will hold majority share in and will aim at bringing into the interiors of some of the world's most popular vehicles. The newly formed entity will be based in the USA, supported by SMG's global organisation. Globally, will focus on the integration of into a wide range of non-military passenger, commercial and Apart from the JV, MI will also invest $14 million for a 4.5% equity stake in

aims to have its systems deployed in both private and public vehicles by 2021 to not only deliver to occupants' personal devices, but also power various sensors in and on the vehicles themselves, including brake sensors, tire pressure gauges and key fobs. In addition, the JV will be the distributor of all Cota across multiple verticals such as IoT and in

Systems' consolidated net profit rose 23.7% to Rs 593.45 crore on 32.5% increase in total income to Rs 13487.36 crore in Q2 September 2017 over Q2 September 2016.

(MSSL), the flagship company of was established in 1986 in joint partnership with , MSSL including its subsidiaries and is one of the leading manufacturer of automotive wiring harnesses, mirrors for passenger cars and a leading supplier of plastic components and modules to the automotive industry.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 10 2018. 09:43 IST