Motherson Sumi share rises over 2% after Fitch Ratings revises outlook for subsidiary
BusinessToday.In December 17, 2020
Motherson Sumi share hit a fresh 52-week high today after Fitch Ratings revised the outlook of its subsidiary to stable from negative. The stock touched day's high of Rs 162.45, rising 3.64% against previous close of Rs 156.75 on BSE.
Motherson Sumi share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 13.38% in one year and risen 9.86% in one year. In a month, the share has gained 23.37%.
Market cap of the share rose to Rs 50,732 crore.
Later, the share closed 0.89% higher at Rs 158.15 on BSE.
Fitch Ratings has also affirmed long-term issuer default rating (IDR) of Netherlands-based Samvardhana Motherson Automotive Systems Group B.at BB. SMRP BV's senior secured notes' ratings has been affirmed at BB+.
"The ratings reflect SMRP BV's strong linkages with its shareholders, Motherson Sumi Systems Limited (MSSL) and Samvardhana Motherson International Limited (SMIL), given aligned economic interests. Fitch rates SMRP BV based on SMIL's consolidated financial profile," Fitch shared in a statement.
It further said that the outlook revision reflects MSSL's stronger profitability relative to Fitch's expectations in the first half of the financial year ending March 2021 (FY21), underscoring MSSL's effective execution in cutting costs amid the coronavirus pandemic and turning around new plants after large losses in FY20.
Meanwhile, Sensex and Nifty closed at record highs on Thursday amid mixed global equities. While Sensex closed 226 points higher at 46,890, Nifty rose 58 points to 13,740. In today's session, Sensex hit an all-time high of 46,992 and Nifty logged a lifetime high of 13,773. Yesterday, Sensex ended 403 points higher at 46,666 and Nifty gained 114 points to 13,682.