Motherson Sumi Systems shares gained on Tuesday after the company has signed an agreement to acquire the wiring harness business of Stoneridge through asset purchase at transaction value of USD 65.7 million.
This acquisition is expected to close in the third quarter of 2014, subject to customary closing conditions. The acquired business has a turnover of approx. USD 300 million.
Shares of the company are trading at Rs 286.75, up Rs 4.25, or 1.50% at the Bombay Stock Exchange (BSE) on Tuesday at 11:20 a.m.
The scrip has touched an intra-day high of Rs 296.00 and low of Rs 280.70. The total volume of shares traded at the BSE is 183,242.
In the earlier session, the shares gained 2.37%, or Rs 6.55, at Rs 282.50.
Currently, the stock is trading down 6.44% from its 52-week high of Rs 306.50 and above 132.36% over the 52-week low of Rs 123.41.