Overwhelming response to the proposed Group Restructuring, as Public shareholders vote In favour , says Motherson Sumi Systems Ltd equitybulls.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from equitybulls.com Daily Mail and Mail on Sunday newspapers.
Auto components major Motherson Sumi Systems Ltd (MSSL) on Friday said its public shareholders have voted in favour of its proposed group restructuring under which it will demerge its domestic wiring harness (DWH) business into a new company that will eventually be listed. As part of the restructuring which was announced in July last year, after the demerger of DWH, group firm Samvardhana Motherson International Ltd (SAMIL) is to be merged into MSSL to consolidate 100 per cent shareholding in Samvardhana Motherson Automotive Systems Group BV (SMRP BV) as well as to bring all auto component and allied businesses in SAMIL under MSSL.
Auto stocks were trading in the negative zone, with the S&P BSE Auto index falling 189.63 points or 0.85% at 22034.16 at 13:48 IST. Among the components of the S&P BSE Auto index, Eicher Motors Ltd (down 2.05%), TVS Motor Company Ltd (down 2.02%),Hero MotoCorp Ltd (down 1.87%),Ashok Leyland Ltd (down 1.58%),Bosch Ltd (down 1.5%), were the top losers. Among the other losers were Escorts Ltd (down 1.45%), Mahindra & Mahindra Ltd (down 1.31%), Motherson Sumi Systems Ltd (down 1.06%), Tata Motors Ltd (down 1.01%), and Amara Raja Batteries Ltd (down 0.8%). On the other hand, Exide Industries Ltd (up 1.1%), Maruti Suzuki India Ltd (up 0.36%), and Balkrishna Industries Ltd (up 0.25%) moved up.
Auto stocks were trading with gains, with the S&P BSE Auto index rising 445.95 points or 2.04% at 22280.77 at 09:49 IST. Among the components of the S&P BSE Auto index, TVS Motor Company Ltd (up 13.06%), Bajaj Auto Ltd (up 4.14%),Motherson Sumi Systems Ltd (up 3.39%),Tata Motors Ltd (up 2.29%),Eicher Motors Ltd (up 2.01%), were the top gainers. Among the other gainers were Hero MotoCorp Ltd (up 1.89%), Mahindra & Mahindra Ltd (up 1.77%), Exide Industries Ltd (up 1.21%), Bosch Ltd (up 0.99%), and MRF Ltd (up 0.85%).
At 09:49 IST, the S&P BSE Sensex was up 391.2 or 0.8% at 49335.34.
The Nifty 50 index was up 105.2 points or 0.72% at 14758.25.
The S&P BSE Small-Cap index was up 193.07 points or 0.9% at 21699.77.
Auto stocks were trading in red, with the S&P BSE Auto index decreasing 381.01 points or 1.72% at 21755.98 at 13:49 IST. Among the components of the S&P BSE Auto index, Eicher Motors Ltd (down 3.78%), Maruti Suzuki India Ltd (down 2.87%),Ashok Leyland Ltd (down 2.82%),MRF Ltd (down 2.39%),Bosch Ltd (down 2%), were the top losers. Among the other losers were Motherson Sumi Systems Ltd (down 1.56%), Mahindra & Mahindra Ltd (down 1.56%), TVS Motor Company Ltd (down 1.27%), Escorts Ltd (down 1.22%), and Exide Industries Ltd (down 1.06%).
At 13:49 IST, the S&P BSE Sensex was down 142.26 or 0.29% at 48401.8.
The Nifty 50 index was down 38.55 points or 0.27% at 14466.25.
The S&P BSE Small-Cap index was down 50.96 points or 0.24% at 20754.52.