Motherson Sumi surges 4.4% on plans to raise funds

Motherson Sumi Systems, a manufacturer of automotive products, surged on Wednesdays on plans to raise funds through preferential issue. The board of directors has called for Extra-ordinary General Meeting (EGM) to consider A) preferential allotment of shares to Sumitomo Wiring Systems, a promoter of the company, up to 14.7 million shares i.e. 2.5% of existing equity shares and B) issue of shares to Qualified Institutional Buyer through QIP up to 44.09 shares i.e. 7.5% of existing equity shares. EGM will be held on Mar. 18, 2013. Shares ofthe companyare trading at Rs 198.90, up Rs 8.45, or 4.44% at the Bombay Stock Exchange (BSE) on Wednesday at 10:00 a.m.The scrip has touched an intra-day high of Rs 201.20 and low of Rs 192.90. The total volume of shares traded at the BSE is 80,060.In the earlier session, the shares climbed 0.37%, or Rs 0.69, at Rs 190.45. Currently, the stock is trading down 4.38% from its 52-week high of Rs 208 and above 91.47% over the 52-week low of Rs 103.88.

Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 190.80 (0.35) (0.18) 1 Month 195.55 (5.10) (2.61) 3 Months 161.65 28.80 17.82 6 Months 118.27 72.18 61.03 1 Year 118.91 71.54 60.16 Note: Based on previous day closing price.