Motherson Sumi Stocks Maintains Overweight Call
Motherson Sumi Stocks Buying Ideas-– Global research firm Morgan Stanley maintained its overweight call on the stock of Motherson Sumi with a target at Rs 103 per share. It expects a sharp earnings recovery in FY22 as volumes normalize. The Share price of Motherson Sumi Systems jumped after the news.
The company in a filing to the exchanges informed that more than half of its production facilities around the world have resumed operations after the CVID slowdown. The leading auto component manufacturer assured that its workers are taking all necessary precautions.
The company in a statement said that more than 80 of its 152 manufacturing plants across the world have now operational. “While 30 per cent of them are now running at more than 80 per cent capacities, rest of them are now running at up to 50 per cent capacities and slowly and steadily gearing up,” Motherson Sumi said.
The board of auto components major has given in-principle approval to raise Rs 1,000 crore to enhance liquidity during uncertain times of coronavirus pandemic, according to a company statement.
Motherson Sumi Chairman Vivek Chaand said, “Our team has done a phenomenal job in almost doubling MSSL’s turnover over the last five years to USD 9.6 billion on an unaudited basis.”