Motherson Sumi share surges 28% in 4 days to hit 52-week high; Nomura retains buy – Moneycontrol

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Motherson Sumi Systems share price jumped over 9 percent intraday on February 15 and hit a 52-week high of Rs 221 per share on BSE.
The stock has seen some robust gains, surging over 23 percent in the last three days after the company reported a nearly 4-fold jump in Q3 results.
The auto ancillary company on February 12 reported a strong performance for the December quarter, with earnings beating estimates. The company’s consolidated profit jumped nearly four-fold to Rs 1,268.3 crore for the quarter, compared to Rs 340 crore in the year-ago period, driven by strong operating performance in all segments.
Consolidated revenue from operations grew by 13.9 percent year-on-year to Rs 17,092.4 crore in Q3 FY21, backed by robust standalone performance and impressive performance at SMRP BV level.
“Our global teams have put in tremendous efforts in challenging conditions to ensure uninterrupted supplies to our customers. These quarterly numbers are a reflection of their hard work as well the trust of our customers on Motherson,” chairman Vivek Chaand Sehgal said.
On the operational front, consolidated Ebitda rose 60.7 percent to Rs 1,795.5 crore from Rs 1,117.1 crore, while EBITDA margin expanded by 310 bps to 10.5 percent from 7.4 percent, YoY.
Japanese research firm Nomura has maintained a buy rating on the stock and has raised the target to Rs 252 per share. It is of the view that Q3 beat and EV order book gives strong visibility adding that margin to enter a new orbit with cost reduction and premiumisation, according to a CNBC-TV18 report.
Kotak Institutional Equities has an add rating on the stock with a target of Rs 200 per share. It is of the view that EBITDA was above estimates led by improvement in operational performance of SMP. It is well placed to capitalise on the recovery in auto demand adding that increase in electronics content per vehicle in PVs and shift towards EVs will aid earnings.
The stock was trading at Rs 214.65, up Rs 17.40, or 8.82 percent. It has touched a 52-week high of Rs 221. It has touched an intraday high of Rs 221 and an intraday low of Rs 204.10.
The scrip witnessed a spurt in volume by more than 3.35 times and was trading with volumes of 7,069,007 shares, compared to its five day average of 3,286,781 shares, an increase of 115.07 percent.
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