Samvardhana Motherson International rises on acquiring 51% stake in SIAAIPL
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Samvardhana Motherson International is currently trading at Rs. 95.35, up by 0.31 points or 0.33% from its previous closing of Rs. 95.04 on the BSE.
The scrip opened at Rs. 96.00 and has touched a high and low of Rs. 96.26 and Rs. 95.25 respectively. So far 704725 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 97.03 on 13-Jul-2023 and a 52 week low of Rs. 61.84 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 97.03 and Rs. 90.25 respectively. The current market cap of the company is Rs. 64647.06 crore.
The promoters holding in the company stood at 64.77%, while Institutions and Non-Institutions held 25.68% and 9.56% respectively.
Samvardhana Motherson International has completed the acquisition of 51% stake in Saddles International Automotive and Aviation Interiors (SIAAIPL) having registered office at Bangalore, Karnataka. SIAAIPL is engaged in manufacturing of premium upholstery for passenger vehicles applications.
This acquisition will mark Company’s step towards diversification of its current business with its entry into upholstery space used for applications such as passenger vehicles seat covers, covers for gear knobs and wrapping of door panels, etc. thereby supporting Company’s vision of increasing content per car.
Samvardhana Motherson International is one of the world’s leading specialized automotive component manufacturing companies for OEMs. The company, formerly known as Motherson Sumi Systems was established in 1986 as a joint venture with Sumitomo Wiring Systems.
