Motherson Sumi gains as board to consider bonus issue

Motherson Sumi Systems rose 4.29% to Rs 260 at 11:19 IST on BSE after the company said its board of directors will consider issue of bonus shares to existing shareholders of the company at a meeting scheduled on 1 November 2013.

The announcement was made during trading hours today, 21 October 2013.

Meanwhile, the S&P BSE Sensex was almost flat at 20,884.14.

On BSE, 1.27 lakh shares were traded in the counter as against average daily volume of 38,000 shares in the past two weeks.

The stock hit a high of Rs 262 and a low of Rs 249.30 so far during the day.

Motherson Sumi Systems' consolidated net profit surged 799.26% to Rs 73.20 crore on 10.87% growth in total income to Rs 7086.87 crore in Q1 June 2013 over Q1 June 2012.

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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