Motherson Sumi up on Q2 performance

DALAL STREET SPIKES

Shares of auto parts maker Motherson Sumi Systems closed up at Rs 89.30, compared with the previous day's closing of Rs 82.75. The company's shares opened at Rs 83.50, went to a high of Rs 93.40, and slipped back to a low of Rs 83.20 in intra-day trades.

The volumes in the counter on the BSE were of the order of 3.76 lakh shares. The main impetus for the stock's strong performance was its second quarter results. The scrip price has appreciated more than 19 per cent in the last three trading sessions.

For the second quarter, the company's net profit went up by 55 per cent while exports rose nearly 24 per cent. The revival in the auto sector has benefited the company and analysts said that the company's current financials are a result of that.

Among the main customers of the company are Telco and Maruti. It supplies auto components - mainly integrated wiring harness and electric distribution systems.