Motherson Sumi Systems share price gained over two percent in the morning session on March 25 after the auto components major yesterday said it had bagged an order from Boeing to manufacture and supply aftermarket moulded polymer parts for commercial airplane interiors.
This is the first order for Motherson from Boeing and production will commence from the third quarter of FY23. The parts will be produced at a plant in Noida. The company, however, did not disclose the value of the order.
This is in line with the company's growth strategy to strengthen the non-automotive business as part of the five-year plan Vision 2025.
"With this order, Motherson becomes a tier one supplier to Boeing. This marks the beginning of a new journey in line with Motherson's vision for growth in aerospace," Motherson CEO (aerospace division) Kunal Bajaj said.
"With capabilities in the aerospace ecosystem such as materials, aerostructures, wiring harnesses and global manufacturing footprint, Motherson has the necessary knowhow to support the upcoming ramp-up of production for major global aircraft manufacturers," Motherson said.
Boeing India senior director, supply chain, Ashwani Bhargava, said, "This is an important step in our commitment to the government of India's Aatmanirbhar Bharat vision. As a company with over seven decades of presence in India, Boeing is focused on supporting the development of aerospace and defence capabilities in the country."
At 10:18 hours, the stock was trading at Rs 135.05, up Rs 2.75 or 2.08 percent on NSE. It touched an intraday high of Rs 139.00 and an intraday low of Rs 134.90.
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The scrip was trading with volumes of 876,155 shares, compared to its five day average of 761,000 shares, an increase of 15.13 percent.
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