Overwhelming response to the proposed Group Restructuring, as Public shareholders vote In favour , says Motherson Sumi Systems Ltd
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Published April 22, 2021, 5:00 PM
Six Japanese wiring harness firms are investing in the country with estimated investments of P10.5 billion and 18,650 jobs potential, according to Trade and Industry Secretary Ramon M. Lopez.
Lopez based his announcement on the report by Commercial Counselor and Special Trade Representative Dita Angara-Mathay, who leads the DTI Field Office in Japan, during a meeting on Tuesday, April 20, with six Japanese companies.
Trade and Industry Secretary Ramon Lopez. (ALFRED FRIAS/PRESIDENTIAL PHOTO FILE PHOTO)
The online and sector-specific roundtable organized by the Philippine Trade and Investment Center in Tokyo was participated in by senior executives from Sumitomo Wiring Systems, Ltd. and Yokowo Co., Ltd., among others.
Shares of Motherson Sumi Systems, on Wednesday, rose 2.4 per cent to hit a fresh 52-week high of Rs 238.20 on the BSE after rating agency CRISIL reaffirmed the company s ratings. In an exchange filing, the company said that its long-term ratings has been reaffirmed to CRISIL AA+, with Stable outlook from the earlier negative . Short-term ratings has been reaffirmed to CRISIL A1+. At 11:25 AM, the stock was trading 1 per cent higher at Rs 234.85 as compared to the benchmark Sensex s 0.9 per cent gain. Around 80.8 lakh shares have changed hands on the NSE and BSE, combined, so far. In Q3FY21, Motherson Sumi Systems consolidated profit after tax (PAT) more-than-doubled to Rs 798 crore from Rs 271 crore in the corresponding quarter of previous fiscal. Earnings before interest, taxes, depreciation, and amortization (Ebitda), meanwhile, grew 56 per cent year on year (YoY) at Rs 2,041, while margins improved 300 basis points (bps) to 11.4 per cent during the quarter.
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