February 13, 2013 / 6:12 AM / 4 years ago

MARKET EYE-India's Motherson shares gain on earnings, stake sale

1 Min Read

* Shares in India's Motherson Sumi Systems Ltd gain
5.15 percent, a day after posting a recovery in earnings and
ahead of a planned stake sale that traders say could happen at a
premium.
* The  auto parts maker said on Tuesday it would issue 4.4
million shares to institutional investors, on the same day when
it reported swinging to a net profit from a net loss a year ago,
and posting a 74 percent surge in sales. 
 
* "We take comfort in the management's good track record," UBS
said in a note on Tuesday, noting factors such as improved
productivity and higher utilisation ratios would lead to further
gains in the shares. 

 (manoj.dharra@thomsonreuters.com;
manoj.dharra.thomsonreuters.com@reuters.net)

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