Motherson Sumi Systems gains 5% as board approves 1:2 bonus shares

Motherson Sumi: Good quarter, more to follow?

  Shares of Motherson Sumi Systems have surged 5% to Rs 306 per share on the BSE in the afternoon after the company said its board approved bonus shares in the ratio of 1:2 on completing 25 years of the listing of its equity shares on stock exchanges.

“The board of directors of the company in their meeting held on September 7, 2018 considering the occasion of completing twenty five (25) years of listing of its equity shares on stock exchanges have recommended the issue of bonus shares in the ratio of 1 (one) bonus share against the 2 (two) existing equity shares,” Motherson Sumi Systems said in a regulatory filing.

However, the stock in past one year had underperformed the market by falling 11% as compared to 21% rally in the S&P BSE Sensex till Thursday.