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Dec 11, 2017 03:36 PM IST | Source: Moneycontrol.com

Motherson Sumi hits new high after HSBC raises target price on innovation, cross selling

The research house said Motherson is well placed to benefit from increasing role of auto component suppliers.

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Motherson Sumi Systems shares gained 2.6 percent intraday to hit fresh all-time high of Rs 381.60 on the BSE Monday, after the global brokerage house increased target price on the stock.

HSBC has maintained its buy call on the auto ancillary company and increased target price to Rs 425 (from Rs 376 per share) as it expects innovation & cross-selling to support business growth.

The research house said Motherson is well placed to benefit from increasing role of auto component suppliers.

With the recent fundraising, the company is ready for multiple acquisitions, it added.

However, slowdown in global car market and rupee appreciation are downside risks to its rating, HSBC said.

Motherson Sumi Systems, the flagship company of the Samvardhana Motherson Group, 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.

At 15:03 hours IST, the stock price was quoting at Rs 377.85, up Rs 5.80, or 1.56 percent on the BSE.
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