The News International Team
With umpteen orders up its sleeve, Motherson Sumi Systems expects 15-20 percent topline growth along with a 40 percent return on capital employed in this fiscal.
The global auto ancillary player looks to set up 14 new plants in India, US and Mexico, out of which, production at 3 new plants will begin by September, says Vivek Chaand Sehgal, Chairman, Motherson Sumi Systems adding that amongst all the markets, US and Chinese markets have picked up the most.
Motherson Sumi boasts of winning orders worth 7.7 billion euro worth over the last 3-4 years. Meanwhile, the company will announce its next 5-year plan in April 2015, he says in an interview with CNBC-TV18.
12:20pm Nikkei Check
Japan’s Nikkei share average rose to an eight-month high as the weak yen lifted sentiment and a meeting between the central bank governor and prime minister boosted expectations of additional easing in the long-term.
The Nikkei climbed 0.8 percent to 15,909.20, the highest closing level since Jan. 10. The broader Topix hit a six-year high, rising 0.3 percent to 1,311.24.
Bank of Japan Governor Haruhiko Kuroda said he told Prime Minister Shinzo Abe that the central bank will not hesitate to ease policy further if its 2 percent inflation goal becomes difficult to achieve.
But he also told Abe that a positive economic cycle in Japan is firmly in place, suggesting there is no immediate need to act, reports Reuters.
12:00pm Equity benchmarks remained under pressure in noon trade with the Sensex declining 93.44 points to 26963.97 and the Nifty falling 21.45 points to 8072.65 whereas the BSE Midcap and Smallcap indices gained around a percent.
Sun Pharma retained its top position in the selling list, down 4 percent on USFDA’s surprise audit at its Halol facility in Gujarat. Coal India, ONGC and NHPC fell 2-4 percent after the Cabinet Committee on Economic Affairs on Wednesday approved stake sale in these companies.
Tata Motors declined nearly a percent on reporting 11 percent degrowth month-on-month in August sales by Jaguar Land Rover. Shares of M&M, Wipro, HDFC Bank, TCS, Reliance Industries, Cipla, Dr Reddy’s Labs, Maruti, Bajaj Auto and GAIL shed 0.3-1.5 percent.
However, HDFC, SBI, HUL, Axis Bank, L&T, Hero Motocorop, NTPC and Hindalco Industries bucked the trend up 0.3-1.3 percent.
HOEC (up 17 percent), Sun Pharma, SBI, GSFC (up 20 percent), SKS Microfinance, Bharti Airtel, IDFC and HDFC were most active shares on exchanges.