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Shares of Samvardhana Motherson International rose nearly 3 per cent in Wednesday's trade after Goldman Sachs bought stocks of the auto components major for ₹87 crore via open market operations.
Samvardhana Motherson’s stock rose as much as 2.82 per cent during the day to ₹135.1 per share. The stock trimmed gains to trade 2.2 per cent higher at ₹134.4 apiece, compared to a 0.13 per cent decline in Nifty 50 as of 11:05 AM.
Shares of the company rose over 15 per cent from its recent lows of ₹115.8 in early March. The stock has fallen 13 per cent this year, compared to a 0.02 per cent fall in the benchmark Sensex. Samvardhana Motherson has a total market capitalisation of ₹94,986.98 crore, according to BSE data.
Goldman Sachs, through its arm -- Goldman Sachs (Singapore) Pte -- purchased 6.54 million shares of Samvardhana Motherson International, as per the block deal data on the BSE. The shares were picked up at an average price of ₹132.7 apiece, taking the transaction value to ₹86.90 crore.
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Meanwhile, Hong Kong-based asset management firm Kadensa Capital through its arm -- Kadensa Master Fund -- sold the same number of the shares at the same price.
Samvardhana Motherson International (formerly known as Motherson Sumi Systems Limited) is a globally diversified manufacturer and a full-system solutions provider to customers in automotive and other industries. The Company is one of the world's largest and fastest growing suppliers for Original Equipment Manufacturers (OEMs) in the automotive industry.
In February, the company entered into a joint venture with Japan's Sanko, a player in the material handling sector, to provide sustainable packaging solutions in India and Europe. The joint venture (JV) will contribute to greater efficiencies in material handling with cost reduction in overall logistics spending.
The auto parts maker reported a smaller-than-expected rise in third-quarter profit on Friday, hurt by weak global car sales. The company's consolidated profit rose to ₹878.9 crore in the quarter ended December 31 but fell short of analysts' estimates. Samvardhana Motherson is India's top auto parts maker by market capitalisation and counts carmakers from Maruti Suzuki to Mercedes-Benz among its customers.
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