The shares of one of the largest automotive OEM manufacturer fell by 5.8 percent to ₹118 per share after the promoter group entity sold a 4.4 percent stake in the company.
At 11:45 a.m., Samvardhana Motherson International Ltd shares were trading at ₹120.20 per share, down ₹5.05 or 4.03 percent on the National Stock Exchange from the previous close price. The company has a market capitalization of ₹82,062 crore.
During the initial trading session on Wednesday, Sumitomo Wiring, a promoter of Samvardhana Motherson International Ltd., divested a 4.4% stake in the company through block deals. The shares were sold at a floor price of ₹118, representing a 6.5% discount compared to the closing price on Tuesday. For an estimated deal size of ₹4,046.7 crore, according to reports.
According to financials, operational revenue climbed by 27 percent from ₹20,267 crore in Q3FY23 to ₹25,698 crore in Q3FY24, while net profit increased by 23 percent from ₹ 501 crore to ₹ 633 crore over the same time.
According to the shareholding pattern for the December quarter, Sumitomo Wiring possessed a 14.14% share in Samvardhana Motherson, contributing to the total promoter holding of 64.79%. Meanwhile, foreign institutional investors held a 10.78% stake, and domestic institutional investors held a 15.27% stake.
Samvardhana Motherson International shares have gained 22 percent in the last six months and 45 percent in a year.
The company is engaged primarily in the manufacture and sale of components to automotive original equipment manufacturers. India’s.
The MSSL group is among the world’s largest manufacturers of exterior rear-view mirrors with a dominant market share, and is a leading global player in polymer-based interior and exterior modules.
Samvardhana Motherson International Limited (SAMIL) is one of the largest and fastest-growing automotive OEM suppliers in the world. It is a diversified global manufacturing expert and is one of the top 25 global automotive suppliers.
The company has a 24 percent global market share in the manufacture of exterior mirrors for passenger cars, commercial vehicles, and heavy trucks and is a leading specialist in the automotive industry for camera-based sensing systems.
The Group is India’s biggest manufacturer of wire harnesses for passenger automobiles, with a 40% market share.
Written by Omkar Chitnis
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