Motherson Sumi Systems rose 0.76% to Rs 385.90 at 09:26 IST on BSE 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 S&P BSE 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.
Motherson Sumi Systems, part of the Samvardhana Motherson Group (SMG), through its subsidiary Samvardhana Motherson Automotive Systems Group B.V. (SMRP BV) announced the formation of a Joint Venture (JV) with Ossia Inc., innovator of the revolutionary Cota Real Wireless Power technology.
Motherson Innovations Company (MI), a subsidiary of SMRPBV will hold majority share in the JV and will aim at bringing Ossia's Cota power system 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, the JV will focus on the integration of Cota technology into a wide range of non-military passenger, commercial and public transportation vehicles. Apart from the JV, MI will also invest $14 million for a 4.5% equity stake in Ossia Inc.
The JV aims to have its systems deployed in both private and public vehicles by 2021 to not only deliver continuous wireless power 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 wireless power products across multiple verticals such as IoT and consumer devices in India.
Motherson Sumi 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.
Motherson Sumi Systems (MSSL), the flagship company of the Samvardhana Motherson Group was established in 1986 in joint partnership with Sumitomo Wiring Systems , Japan. MSSL including its subsidiaries and JVs 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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