Motherson Sumi share price gained nearly 4% on Wednesday after the company posted its earnings for the quarter ended September 2020.
The auto component manufacturer on November 10 reported a 2.7% rise in consolidated net profit at Rs 387.93 crore for the second quarter as against a net profit of Rs 377.73 crore in the July-September period of previous fiscal.
Motherson Sumi share price opened at yesterday's close of Rs 127.40 and later touched an intraday high of Rs 132.35, rising 3.89% in today's session. The stock touched a low of Rs 126.90 today.
The stock price of Motherson Sumi has risen 14% in one week and 19% in one month. However, the share has declined 6.5% since the beginning of the year.
Motherson Sumi stock is trading higher than 5, 20, 50, 100 and 200-day moving averages. Market capitalisation of the firm stood at Rs 41,461.28 crore.
Motherson Sumi share price has risen 24.42% in the last 8 days. Share of the company quoted a 52-week high price of Rs 151 and a 52-week low of Rs 48.50.
Total revenue from operations declined to Rs 14,957.21 crore during the quarter under review as against Rs 15,259.74 crore in the year-ago period. EBITDA stood at Rs 1,447.08 crore in September 2020 up 3.25% from Rs 1,401.53 crore in September 2019.
Macquarie and Nomura remained bullish on Motherson Sumi stock after better-than-expected September quarter earnings. Japanese brokerage firm Nomura has retained a buy call on the stock with a target of Rs 162 per share, while Macquarie has maintained an outperform call on the stock with a target of Rs 124 per share.
CLSA has also retained outperform call on the stock with a target of Rs 140 per share and increased FY21-23 EPS estimates by 7-21 percent.