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Triveni Turbine gains on healthy order book position
Aug 05,2016

The result hit the market after trading hours yesterday, 4 August 2016.

Meanwhile, the S&P BSE Sensex was up 305.62 points or 1.1% at 28,019.99.

On BSE, so far 24,398 shares were traded in the counter, compared with an average daily volume of 43,934 shares in the past one quarter. The stock hit a high of Rs 124 and a low of Rs 119.65 so far during the day. The stock hit 52-week high of Rs 127.75 on 1 July 2016. The stock hit a 52-week low of Rs 87.50 on 29 February 2016. The stock had underperformed the market over the past one month till 4 August 2016, sliding 4.05% as against the Sensexs 1.6% gains. The scrip had also underperformed the market in past one quarter, gaining 7.62% as against the Sensexs gain of 10.41%.

The mid-cap company has equity capital of Rs 33 crore. Face value per share is Rs 1.

Triveni Turbine said in its Q1 June 2016 investor release that its earnings before interest, taxation, depreciation and amortization (EBITDA) rose 29% to Rs 38.40 crore in Q1 June 2016 over Q1 June 2015. The company said that the shift in its focus to exports, which was started two years ago, has now started showing good results. The companys strategy of concentrating on sectors such as sugar and process co-generation, combined cycle and waste-to-energy and biomass and focus on the world market is helping it in smoothing the variations in demand in any particular segments or countries. The company has increased focus on aftermarket services globally and this is showing positive results, it said. With a view to sustain aftermarket growth, the company is adding resources to its current export centers and formulating plans for opening new centers in diverse geographic locations.

The company further said that it has a strong order backlog of Rs 657 crore as on 30 June 2016. The companys management expects to meet performance expectations for the year ending 31 March 2017 (FY 2017) on the back of the companys rapidly increasing exports, increasing aftermarket operations and strong order book and enquiry pipeline. The company further said that enquiries in the export market are in advanced stages of finalization. Exports contribute 52% of orders on hand versus 31% in Q1 June 2015.

The operations at the companys joint venture with GE, GE Triveni (GETL) are progressing well. Based on pipeline of enquiries, GETL expects good order booking for the full year. GETL is engaged in design, supply and service of advanced technology steam turbines with generating capacity of above 30 to 100 megawatts (MW).

Triveni Turbine offers steam turbine solutions for industrial captive and renewable power. The company manufactures steam turbines up to 100 MW.

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Siemens gains after declaring special dividend
Aug 05,2016

Meanwhile, the S&P BSE Sensex was up 251.66 points, or 0.91%, to 27,966.03.

On BSE, so far 17,000 shares were traded in the counter, compared with an average daily volume of 26,231 shares in the past one quarter. The stock hit a high of Rs 1,291.90 and a low of Rs 1,250 so far during the day. The stock hit a record high of Rs 1,558 on 6 August 2015. The stock hit a 52-week low of Rs 969 on 29 January 2016. The stock had underperformed the market over the past one month till 4 August 2016, falling 2.60% compared with 1.60% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 10.60% as against Sensexs 10.41% rise.

The large-cap company has equity capital of Rs 71.22 crore. Face value per share is Rs 2.

The counter witnessed some selling pressure ahead of Q3 results. Shares of Siemens fell 6.06% in three trading sessions to settle at Rs 1,254.70 yesterday, 4 August 2016, from its close of Rs 1,335.65 on 1 August 2016.

Siemenss net profit fell 22.72% to Rs 130.03 crore on 8.81% increase in total income to Rs 2648.28 crore in Q3 June 2016 over Q3 June 2015.

According to the companys press release, net profit fell mainly due to one-time costs and adverse exchange rates. Revenues rose 10.4% at Rs 2563.13 crore in Q3 June 2016 over Q3 June 2015.

The company registered 44.3% higher new orders at Rs 3224.25 crore in Q3 June 2016 compared with Rs 2234.08 crore in Q3 June 2015.

As of 1 July 2016, the healthcare undertaking of the company was sold and transferred as a going concern on a slump sale basis to Siemens Healthcare, a subsidiary of Siemens AG. The gain on the sale will be reflected in the quarter ending 30 September 2016, the company said.

Siemens declared a special interim dividend of Rs 27.50 per equity share of Rs 2 each for the financial year 2015-2016. The company has fixed 17 August 2016 as the record date for the purpose of payment of special dividend. The payment of special dividend will commence from 23 August 2016.

The stock offered a dividend yield of 2.19% based on the closing price of Rs 1,254.70 yesterday, 4 August 2016.

Sunil Mathur, managing director and chief executive officer, Siemens said that the company has delivered a satisfactory financial performance in a difficult economic environment. New orders continued to flow from railways, transmission & distribution projects though private sector capex is still muted, he added.

Siemens focuses on the areas of electrification, automation and digitalization. It is one of the leading producers of technologies for combined cycle turbines for power generation; power transmission and distribution solutions; infrastructure solutions for smart cities and transportation; automation and software solutions for industry,and also supplier of healthcare equipments.

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Siemens gains on strong growth in order intake in Q3
Aug 05,2016

Meanwhile, the S&P BSE Sensex was up 251.66 points, or 0.91%, to 27,966.03.

On BSE, so far 17,000 shares were traded in the counter, compared with an average daily volume of 26,231 shares in the past one quarter. The stock hit a high of Rs 1,291.90 and a low of Rs 1,250 so far during the day. The stock hit a record high of Rs 1,558 on 6 August 2015. The stock hit a 52-week low of Rs 969 on 29 January 2016. The stock had underperformed the market over the past one month till 4 August 2016, falling 2.60% compared with 1.60% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 10.60% as against Sensexs 10.41% rise.

The large-cap company has equity capital of Rs 71.22 crore. Face value per share is Rs 2.

Shares of Siemens had edged lower ahead of Q3 results. The stock fell 6.06% in three trading sessions to settle at Rs 1,254.70 yesterday, 4 August 2016, from its close of Rs 1,335.65 on 1 August 2016.

Siemenss net profit fell 22.72% to Rs 130.03 crore on 8.81% increase in total income to Rs 2648.28 crore in Q3 June 2016 over Q3 June 2015. The company said in its Q3 June 2016 results press release that the decline in bottom line on year on year basis in Q3 June 2016 was mainly due to one-time costs and adverse exchange rates.

Sunil Mathur, managing director and chief executive officer Siemens said that the company has delivered a satisfactory financial performance in a difficult economic environment. New orders continued to flow from railways, transmission and distribution projects though private sector capex is still muted, he added.

Siemens has declared a special interim dividend of Rs 27.50 per equity share for the year ending 30 September 2016 as it received funds from the sale of its healthcare undertaking. The company has sold the healthcare undertaking as a going concern on a slump sale basis to Siemens Healthcare, a subsidiary of parent Siemens AG, Germany. The gains on the sale will be reflected in the results for Q4 September 2016, the company said in a statement. The stock offers a dividend yield of 2.19% based on the closing price of Rs 1,254.70 yesterday, 4 August 2016.

The company has fixed 17 August 2016 as the record date for the purpose of payment of special dividend. The payment of special dividend will commence from 23 August 2016.

Siemens focuses on the areas of electrification, automation and digitalization.

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UltraTech Cement gains on plan to issue NCDs
Aug 05,2016

The announcement was made after market hours yesterday, 4 August 2016.

Meanwhile, the S&P BSE Sensex was up 231.37 points, or 0.83%, to 27,945.74.

On BSE, so far 2,036 shares were traded in the counter, compared with an average daily volume of 21,578 shares in the past one quarter. The stock hit a high of Rs 3,720.60 and a low of Rs 3,661 so far during the day. The stock hit a record high of Rs 3,768 on 1 August 2016. The stock hit a 52-week low of Rs 2,581.15 on 18 January 2016. The stock had outperformed the market over the past one month till 4 August 2016, rising 7.34% compared with 1.60% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 15% as against Sensexs 10.41% rise.

The large-cap company has equity capital of Rs 274.44 crore. Face value per share is Rs 10.

UltraTech Cement will issue two separate sets of secured redeemable non-convertible debentures (NCDs) amounting to Rs 175 crore and Rs 250 crore respectively, each on private placement basis. NCDs with issue size of Rs 250 crore has tenure of 5 years and NCDs with issue size of Rs 175 crore has tenure of 3 years. Both the sets of NCDs offer coupon rate of 7.57% per annum.

UltraTech Cements consolidated net profit rose 29.2% to Rs 780.11 crore on 4.1% growth in net sales to Rs 6537.83 crore in Q1 June 2016 over Q1 June 2015.

UltraTech Cement is a leading cement manufacturer in India. It is a part of the Aditya Birla Group.

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Vedanta gains after retrieving import permit
Aug 05,2016

The announcement was made after market hours yesterday, 4 August 2016.

Meanwhile, the S&P BSE Sensex was up 219.06 points, or 0.79%, to 27,933.43.

On BSE, so far 85,000 shares were traded in the counter, compared with an average daily volume of 17.22 lakh shares in the past one quarter. The stock hit a high of Rs 164.85 and a low of Rs 163.05 so far during the day. The stock hit a 52-week high of Rs 175.20 on 25 July 2016. The stock hit a 52-week low of Rs 58.10 on 12 February 2016. The stock had outperformed the market over the past one month till 4 August 2016, rising 16.70% compared with 1.60% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 54.68% as against Sensexs 10.41% rise.

The large-cap company has equity capital of Rs 296.47 crore. Face value per share is Re 1.

The permit was earlier cancelled on 28 July 2016. The latest permit states that Vedanta is allowed to import iron ore for domestic self consumption for its pig iron plant in Amona, Goa.

On a consolidated basis, net profit of Vedanta declined 27.0% to Rs 615.02 crore on 15.2% decline in net sales to Rs 14364.01 crore in Q1 June 2016 over Q1 June 2015.

Vedanta is a diversified natural resources company, whose business primarily involves producing oil & gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power. The company has a presence across India, South Africa, Namibia, Australia, Ireland, Liberia and Sri Lanka. Vedanta, formerly Sesa Sterlite is the Indian subsidiary of Vedanta Resources Plc, a London-listed company.

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Vedanta gains after restoration of transport permit for transport of iron ore from Karnataka
Aug 05,2016

Meanwhile, the S&P BSE Sensex was up 219.06 points, or 0.79%, to 27,933.43.

On BSE, so far 85,000 shares were traded in the counter, compared with an average daily volume of 17.22 lakh shares in the past one quarter. The stock hit a high of Rs 164.85 and a low of Rs 163.05 so far during the day. The stock hit a 52-week high of Rs 175.20 on 25 July 2016. The stock hit a 52-week low of Rs 58.10 on 12 February 2016. The stock had outperformed the market over the past one month till 4 August 2016, rising 16.70% compared with 1.60% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 54.68% as against the Sensexs 10.41% rise.

The large-cap company has equity capital of Rs 296.47 crore. Face value per share is Re 1.

The permit for the transportation of iron ore from Karnataka to the companys pig iron plant in Goa was cancelled recently by Directorate of Mines and Geology (DMG) of Goa due to procedural lapses from Vedanta. The company clarified that the delay in restoration of the permit for transport of iron ore from Karnataka to the pig iron plant in Goa is not likely to have any significant adverse impact on the operation of the plant.

On a consolidated basis, net profit of Vedanta declined 27% to Rs 615.02 crore on 15.2% decline in net sales to Rs 14364.01 crore in Q1 June 2016 over Q1 June 2015.

Vedanta is a diversified natural resources company, whose business primarily involves producing oil & gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power. The company has a presence across India, South Africa, Namibia, Australia, Ireland, Liberia and Sri Lanka. Vedanta, formerly Sesa Sterlite is the Indian subsidiary of Vedanta Resources Plc, a London-listed company.

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Power Grid Corp gains after bulk deal
Aug 04,2016

Meanwhile, the S&P BSE Sensex was up 35.97 points, or 0.13%, to 27,733.48.

Bulk deal boosted volume on the scrip. On BSE, so far 20.97 lakh shares were traded in the counter as compared with average daily volume of 3.63 lakh shares in the past one quarter. The stock hit a high of Rs 179.15 and a low of Rs 176.20 so far during the day. The stock hit a record high of Rs 179.95 on 2 August 2016. The stock hit a 52-week low of Rs 120.75 on 10 September 2015. The stock had outperformed the market over the past one month till 3 August 2016, rising 6.54% compared with 2.04% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 21.35% as against Sensexs 9.78% rise.

The large-cap company has equity capital of Rs 5231.59 crore. Face value per share is Rs 10.

Power Grid Corporation of Indias net profit rose 13.2% to Rs 1599.05 crore on 21.4% rise in total income to Rs 5961.49 crore in Q4 March 2016 over Q4 March 2015.

State-run Power Grid Corporation of India is an electric power transmission utility company. Government of India currently holds 57.9% stake in the firm (as per the shareholding pattern as on 30 June 2016).

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Arvind gains after good Q1 results
Aug 04,2016

The result was announced during trading hours today, 4 August 2016.

Meanwhile, the S&P BSE Sensex was down 50.59 points, or 0.18%, to 27,646.92.

On BSE, so far 6.90 lakh shares were traded in the counter, compared with an average daily volume of 2.28 lakh shares in the past one quarter. The stock hit a high of Rs 301.80 and a low of Rs 286.95 so far during the day. The stock hit a 52-week high of Rs 365.50 on 6 January 2016. The stock hit a 52-week low of Rs 235.90 on 29 February 2016. The stock had underperformed the market over the past one month till 3 August 2016, falling 10.54% compared with 2.04% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 4.51% as against the Sensexs 9.78% rise.

The mid-cap integrated textiles company has equity capital of Rs 258.24 crore. Face value per share is Rs 10.

Arvind said in its Q1 June 2016 results press release that its profit after tax before exceptional items rose 27% to Rs 74 crore on 18% increase in revenue to Rs 2104 crore in Q1 June 2016 over Q1 June 2015. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 16% at Rs 241 crore in Q1 June 2016 over Q1 June 2015.

Commenting on the results as well as outlook of the company, Jayesh Shah, director and chief financial officer said that the companys textiles business continues to deliver a strong performance as it continues to pursue a calibrated growth strategy. The brands business continues to demonstrate strong growth, he said. The companys established power brands consolidated their market positions in Q1 June 2016.

Arvind is one of the largest integrated textile companies in India. It also makes branded apparel.

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Gulf Oil Lubricants scales record high after good Q1 outcome
Aug 04,2016

The result was announced after market hours yesterday, 3 August 2016.

Meanwhile, the S&P BSE Sensex was down 30.56 points or 0.11% at 27,666.95

On BSE, so far 18,000 shares were traded in the counter as against average daily volume of 1,674 shares in the past one quarter. The stock hit a high of Rs 660 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 630.60 so far during the day. The stock had hit a 52-week low of Rs 401.90 on 25 August 2015. The stock had outperformed the market over the past one month till 3 August 2016, rising 9.19% compared with 2.04% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 18.95% as against Sensexs 9.78% rise.

The small-cap company has equity capital of Rs 9.91 crore. Face value per share is Rs 2.

Gulf Oil Lubricants Indias earnings before interest, taxation, depreciation and amortization (EBITDA) rose 39.7% to Rs 48.47 crore in Q1 June 2016 over Q1 June 2015. The companys EBIDTA margins expanded further by about 202 basis points to about 17.1% in Q1 June 2016 over Q1 June 2015 on account of volume growths and steady margins.

Gulf Oil Lubricants India said that the company has gained significant volume traction in Q1 June 2016 achieving growth across all business segments. The companys initiatives on distribution expansion started showing impact as its channel business grew double digit in volumes after many quarters and Gulf branded diesel engine oils (DEO), motorcycle oils (MCO) and passenger car motor oils (PCMO), all recorded double digit volume growth in Q1 June 2016, Gulf Oil Lubricants India said. B2B businesses including original equipment manufacturer (OEM) volumes have also continued their growing trend recording double digit growth, the company said. An institutional order also boosted volumes in Q1 June 2016, it added.

Gulf Oil Lubricants India is a player in Indian lubricant market. It markets a wide range of automotive and industrial lubricants, greases, 2-wheeler batteries, etc.

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Gulf Oil Lubricants scales record high after strong Q1 outcome
Aug 04,2016

The result was announced after market hours yesterday, 3 August 2016.

Meanwhile, the S&P BSE Sensex was down 30.56 points or 0.11% at 27,666.95

On BSE, so far 18,000 shares were traded in the counter as against average daily volume of 1,674 shares in the past one quarter. The stock hit a high of Rs 660 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 630.60 so far during the day. The stock had hit a 52-week low of Rs 401.90 on 25 August 2015. The stock had outperformed the market over the past one month till 3 August 2016, rising 9.19% compared with 2.04% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 18.95% as against Sensexs 9.78% rise.

The small-cap company has equity capital of Rs 9.91 crore. Face value per share is Rs 2.

Gulf Oil Lubricants Indias earnings before interest, taxation, depreciation and amortization (EBITDA) rose 39.7% to Rs 48.47 crore in Q1 June 2016 over Q1 June 2015. The companys EBIDTA margins expanded by about 202 basis points on year on year basis to about 17.1% in Q1 June 2016 on the back of volume growth.

Gulf Oil Lubricants India said its Q1 June 2016 results press release that the company has gained significant volume traction in Q1 June 2016 achieving growth across all business segments. The companys initiatives on distribution expansion started showing impact as its channel business grew double digit in volumes after many quarters. B2B businesses including original equipment manufacturer (OEM) volumes have also continued their growing trend recording double digit growth, the company said. An institutional order also boosted volumes in Q1 June 2016, it added.

Gulf Oil Lubricants India makes automotive and industrial lubricants, greases and 2-wheeler batteries. The company markets lubricants under the Gulf brand.

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Prakash Industries gains after securing coal linkage
Aug 04,2016

The announcement was made after market hours yesterday, 3 August 2016.

Meanwhile, the S&P BSE Sensex was down 49.71 points, or 0.18%, to 27,647.80.

On BSE, so far 80,000 shares were traded in the counter, compared with an average daily volume of 1.12 lakh shares in the past one quarter. The stock hit a high of Rs 43.15 and a low of Rs 41.25 so far during the day. The stock hit a 52-week high of Rs 45.50 on 27 April 2016. The stock hit a 52-week low of Rs 23.05 on 12 February 2016. The stock had outperformed the market over the past one month till 3 August 2016, rising 7.18% compared with 2.04% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 0.61% as against Sensexs 9.78% rise.

The small-cap company has equity capital of Rs 135.60 crore. Face value per share is Rs 10.

The coal linkage attained from South Eastern Coalfields in Chattisgarh is expected to provide long term stability and cost savings to the companys captive power plant, Prakash Industries said in a statement.

Prakash Industries reported net profit of Rs 16.26 crore in Q4 March 2016 as against net loss of Rs 164.25 crore in Q4 March 2015. Net sales declined 23.8% to Rs 486.75 crore in Q4 March 2016 over Q4 March 2015.

Prakash Industries has diversified interests in steel, power and rigid PVC pipes.

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Volumes jump at Indian Hotels Company counter
Aug 04,2016

Indian Hotels Company clocked volume of 8.17 lakh shares by 13:41 IST on BSE, a 9.81 times surge over two-week average daily volume of 83,000 shares. The stock fell 0.97% at Rs 132.70.

Sundaram Finance notched up volume of 1.95 lakh shares, a 9.39-fold surge over two-week average daily volume of 21,000 shares. The stock gained 0.63% at Rs 1,480.50.

Blue Dart Express saw volume of 22,000 shares, a 8.97-fold surge over two-week average daily volume of 2,501 shares. The stock advanced 1.33% at Rs 5,759.95

Indian Bank clocked volume of 13.30 lakh shares, a 6.57-fold surge over two-week average daily volume of 2.02 lakh shares. The stock jumped 11.52% at Rs 200.40.

NTPC saw volume of 10.76 lakh shares, a 6.18-fold rise over two-week average daily volume of 1.74 lakh shares. The stock rose 0.99% at Rs 158.60 after the company announced that it has launched an issue of Rs 2000 crore notes due 2021 priced yesterday, 3 August 2016. The notes carry a coupon of 7.375% per annum payable annually. The notes will mature on 10 August 2021 and all rupee denominated principal and interest payments will be made in US dollars. The notes are expected to be settled by 10 August 2016. The notes are being issued as green masala bonds and the proceeds will be used for financing investments in renewable energy projects like solar and wind energy projects. The announcement was made during market hours today, 4 August 2016.

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Quess Corp scales record high
Aug 04,2016

Meanwhile, the S&P BSE Sensex was down 3.48 points, or 0.01%, to 27,694.03.

On BSE, so far 4.65 lakh shares were traded in the counter, compared with an average daily volume of 3.14 lakh shares in the past two weeks. The stock hit a high of Rs 651.25 so far during the day, which is a record high for the counter. The stock hit a low of Rs 587.65 so far during the day. The stock hit a record low of Rs 452.40 on 14 July 2016. The stock was listed on the bourses on 12 July 2016.

The mid-cap company has equity capital of Rs 125.95 crore. Face value per share is Rs 10.

Shares of Quess Corp have risen 26.89% from its close of Rs 503 on 12 July 2016, the day of its debut on the bourses. It was a solid debut for this staffing firm, with the stock attracting a premium of 58.67% over the IPO price of Rs 317 per share.

The Quess Corp IPO ended on 1 July 2016 with an overwhelming response. The IPO was subscribed 144.50 times.

On a consolidated basis, net profit of Quess Corp rose 37% to Rs 24.69 crore on 35.7% rise in net sales to Rs 990.96 crore in Q1 June 2016 over Q1 June 2015.

Quess Corp provides comprehensive solutions including recruitment, temporary staffing, technology staffing, IT products and solutions, skill development, payroll, compliance management, integrated facility management and industrial asset management services.

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Capital First advances after good Q1 result
Aug 04,2016

The result was announced after market hours yesterday, 3 August 2016.

Meanwhile, the S&P BSE Sensex was up 51.48 points, or 0.19%, to 27,751.85

On BSE, so far 1.24 lakh shares were traded in the counter as against average daily volume of 42,258 shares in the past one quarter. The stock hit a high of Rs 722 and a low of Rs 677.50 so far during the day. The stock had hit a 52-week high of Rs 796.25 on 28 July 2016. The stock had hit a 52-week low of Rs 320.95 on 25 August 2015. The stock had outperformed the market over the past one month till 3 August 2016, rising 15.25% compared with 2.04% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 48.22% as against the Sensexs 9.78% rise.

The mid-cap company has equity capital of Rs 91.45 crore. Face value per share is Rs 10.

Capital First provides debt financing to Micro, Small and Medium Enterprises (MSMEs) and Indian consumers.

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Motherson Sumi Systems gains after board approves fund raising
Aug 04,2016

The announcement was made after market hours yesterday, 3 August 2016.

Meanwhile, the S&P BSE Sensex was up 39.47 points, or 0.14%, to 27,736.98.

On BSE, so far 6.36 lakh shares were traded in the counter, compared with an average daily volume of 2.70 lakh shares in the past one quarter. The stock hit a high of Rs 347 and a low of Rs 334.50 so far during the day. The stock hit a record high of Rs 395.85 on 6 August 2015. The stock hit a 52-week low of Rs 206.20 on 25 February 2016. The stock had outperformed the market over the past one month till 3 August 2016, rising 14.56% compared with 2.04% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 27.25% as against Sensexs 9.78% rise.

The large-cap auto component firm has an equity capital of Rs 132.29 crore. Face value per share is Re 1.

Motherson Sumi Systems said that its board approved preferential allotment of upto 1.78 crore equity shares or issue of foreign currency convertible bonds (FCCB) of an amount upto Rs 562.50 crore to Sumitomo Wiring Systems (SWS ), Japan. Further, the board also approved to raise an amount up to Rs 3000 crore through qualified institutional placement. This is step towards gearing up for the growth in line with the vision 2020 announced by the company. MSSL has set the target of becoming $18 billion company by 2020, the company said.

The company said it will seek approval for the proposed fund raising from shareholders in the ensuing annual general meeting to be held on 31 August 2016.

On a consolidated basis, Motherson Sumi Systems net profit rose 21.6% to Rs 413.72 crore on 8% growth in net sales to Rs 10068.10 crore in Q4 March 2016 over Q4 March 2015. The company is scheduled to announce Q1 June 2016 results on 10 August 2016.

Motherson Sumi Systems including its subsidiaries and joint ventures is one of the leading manufacturers of automotive wiring harnesses and mirrors for passenger cars. It is also a leading supplier of plastic components and modules to the automotive industry.

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