Samvardhana Motherson trades with over 3% cut: Here’s why
At around 11:21 am, shares of the company traded with a cut of 3.67 per cent or Rs 4.60 per share at Rs 120.65 apiece on the BSE.
Shares of the auto ancillary firm traded over 3 per cent lower in Wednesday’s trade (March 6, 2024) as 30.77 crore shares traded in the early session in multiple blocks in the counter at a price of Rs 122.2 per share, a discount of over 2 per cent from the previous close.
In the deal, promoter Sumitomo Wiring is the likely seller, offloading a nearly 4.5 per cent stake in the company.
The promoter offloading stake in the entity will add to the higher free float of the company. So, with a higher free-float, volatility in the stock can be expected to reduce.
At around 11:21 am, shares of the company traded with a cut of 3.67 per cent or Rs 4.60 per share at Rs 120.65 apiece on the BSE.
As per a Reuters report, the company’s Q3 missed estimates as hyperinflation weighed heavily on the company’s Argentinian business.
Samvardhana's consolidated net profit rose 19.4 per cent to 5.42 billion rupees (about $65 million) for the October-December quarter, missing analysts' estimate of 7.25 billion rupees, per LSEG data, added the report.
Samvardhana Motherson International Limited, formerly Motherson Sumi Systems Limited, is engaged in manufacturing components for the automotive and transport industries
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