Samvardhana Motherson plunges to 52 week low after huge block deal
- Hot Stocks
admin
- 0
- 3 minutes read
This comes after Japan-based Sojitz Corp said on October 17 it will sell 1.9 percent stake in the company through a block deal
The Motherson Group recently reorganised itself and changed the name of Motherson Sumi Systems to Samvardhana Motherson International.
Share price of auto component major Samvardhana Motherson fell six percent in October 18 early trade to a 52 week low after 14.6 crore shares changed hands in multiple trades representing 4.6 percent stake worth Rs 952 crore, CNBC-TV18 reported.
The deal was carried out at an average of Rs 65 per share. At 9:45 am, the stock was quoting at Rs 65.35 on the National Stock Exchange, down 5.5 percent.
Follow our live blog for all the market action
On October 17, Japan-based Sojitz Corp announced it will sell 1.9 percent stake in Samvardhana Motherson through a block deal, floor price for which was set at Rs 64.36 per share.
The deal size for the sale was fixed at Rs 824 crore.
The Motherson group recently reorganised itself and changed the name of Motherson Sumi Systems to Samvardhana Motherson International.
According to Emkay Global, the company will report low revenue growth in the September quarter due to its notable overseas exposure. The firm has cut its target price on the stock from Rs 95 to Rs 90 but has a ‘buy’ rating on the stock.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.??
}
else{
$(‘#outbrain_9346901’).html(”);
}
}
:max_bytes(150000):strip_icc():format(jpeg)/WhatIsaRealEstateAppraiserDec.162021-ddb6a1aa97cc4f6686fd6f7ba9cfcca3.jpg "Reverse Mortgage Appraisal: What It Is, How It Works")
:max_bytes(150000):strip_icc():format(jpeg)/48126619532_f99720960b_k-4440c9ca18eb40d39353e807e7cd56ba.jpg "<div>FINRA vs. the SEC: What's the Difference?</div>")
