Motherson surges to record on BofA-Merrill report

Reuters Market Eye - Motherson Sumi Systems Ltd rose as much as 8.1 percent to a record high of 275.85 rupees after Bank of America-Merrill Lynch raised its target price on the auto parts maker to 311 rupees from 248 rupees while maintaining its "buy" rating.

BofA-Merrill estimates Motherson's sales and earnings would surge by 2020 on the back of an expansion of its core business and says the company will also benefit from "cost competitiveness, strong customer base and technology access."

(Reporting Abhishek Vishnoi)