Motherson Sumi Wiring gains upto 7% as board mulls bonus issue

28 Sep 2022 , 11:32 AM

Despite weakness in the broader markets, Motherson Sumi Wiring’s counter gained as much as 7% in today’s trade following the company’s announcement that its board will consider the proposal for a bonus issue on Friday.

The company informed the stock exchanges of a board meeting set to be held on Friday, September 30, 2022, to evaluate the company’s request for bonus equity shares.

The Motherson Group’s wire harness firm was demerged from Motherson Sumi Systems in January of this year and listed as a separate corporation on the stock exchanges.

Motherson Group, a renowned maker of automotive and transportation components, renames Motherson Sumi Systems to Samvardhana Motherson International (SAMIL).

At around 11.28 AM, Motherson Sumi Wiring was trading 2.91% higher at Rs86.75, against the previous close of Rs84.30 on NSE. So far, the counter hit an intraday high of Rs89.80, reflecting 6.52% gains.

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