Motherson Sumi surges nearly 10% 👀
Shares of Motherson SumiNSE 8.38 % surged nearly 10 per cent in early trade on Friday after media reports suggested that the company is in talks to acquire or merge with Germany-based Leoni, the largest maker of special automotive cables globally.
Leoni is listed on German exchange and has a market capitalisation of €1.03 billion. The Nuremberg-headquartered company manufactures wire systems, electric power distribution, modular cable harnesses, and battery cables. Its products are well placed to tap new opportunity for electric mobility and autonomous driving.
The acquisition with Leoni will help Motherson Sumi to reach $18-billion annual targets by 2020.
The scrip was 9.70 per cent up at Rs 177 at around 09.26 am while the benchmark BSE Sensex slipped 0.11 per cent to 35,890.60. It opened at Rs 163 on the BSE against its previous closing of Rs 161.35.
