Motherson Sumi rises over 5% on QIP approval

Motherson Sumi Systems , an auto ancillary company, gained more than 5 percent on Wednesday after the board of directors approved qualified institutional placement (QIP) of up to 4.4 crore shares (7.5 percent of existing equity shares).

The board also approved preferential allotment of shares upto 1.47 crore (2.5 percent of existing equity shares) shares to promoter Sumitomo Wiring Systems Limited.

Even the earnings reported by the company were better-than-expected on the operational front driven by strong growth in standalone and at Samvardhana Motherson Reflectec (SMR).

Consolidated revenues rose by 13 percent QoQ to Rs 6,663 crore while margins improved 70 basis points QoQ to 7.6 percent in the third quarter of financial year 2012-13. Bottomline, however, declined 42 percent QoQ to Rs 98.23 crore due to a forex loss and higher depreciation charges.

At 11:38 hours IST, shares rose 5.41 percent to Rs 200.75 on Bombay Stock Exchange.

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