Motherson Sumi Systems jumps 6%; announces bonus issue

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Moneycontrol Bureau

Textile company, Motherson Sumi Systems gained nearly 6 percent intraday Wednesday on the back of announcement of bonus shares to the shareholders.

The company at its meeting held on June 10, 2015 recommended the issue of bonus shares in the ratio of one bonus share against two existing shares (1:2) subject to the approval of the shareholders.

Brokerage house Emkay Global Financial Services had recommended buy rating on the stock with a target price of Rs 550 in its research report dated May 18, 2015.

The company has posted 12.4 percent jump in its fourth quarter (January-March) consolidated net profit to Rs 340.1 crore against Rs 302.5 crore, in the same quarter last fiscal.

At 13:40 hrs Motherson Sumi Systems was quoting at Rs 482.20, up Rs 24, or 5.24 percent on the BSE.

Posted by Rakesh Patil