Motherson Sumi turns volatile after earnings announcement

Motherson Sumi Systems was down 0.37% to Rs 134.55 at 14:25 IST on BSE after consolidated net profit rose 6.74% to Rs 389.06 crore on 13.75% increase in net sales to Rs 16,233.65 crore in Q3 December 2018 over Q3 December 2017.

The result was announced during trading hours today, 11 February 2019.

Meanwhile, the S&P BSE Sensex was down 85.61 points, or 0.23% to 36,460.87.

On the BSE, 11.45 lakh shares were traded in the counter so far compared with average daily volumes of 7.47 lakh shares in the past two weeks.

The stock witnessed volatility in intraday today. It fell as much as 3.41% to hit a low of Rs 130.45 in early trade, which is also a 52-week low for the counter. After the result announcement, the stock jumped as much as 4.26% to hit the day's high of Rs 140.80 in early afternoon trade. The stock hit a 52-week high of Rs 247.96 on 12 February 2018.

The company said that SMP plant at Tuscaloosa (USA) began operations during the quarter.

Commenting on the results, Mr. V C Sehgal, chairman, MSSL said all operating businesses have performed well under current market conditions. With the start of production at Tuscaloosa in this quarter, all the key greenfield projects are now completed.

Motherson Sumi Systems (MSSL) is one of the world's leading specialised automotive component manufacturing companies for OEMs.

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