Samvardhana Motherson Shares Zoom 10 Pc; Hit 52-Week High Level

Shares of auto components maker Samvardhana Motherson International Ltd (SMIL) on Wednesday jumped 10 per cent after the company said it will acquire 81 per cent stake in the four-wheeler business of Yachiyo Industry, a Honda Motor subsidiary.
     
The stock rallied 8.69 per cent to hit its 52-week high of Rs 92.50 on the BSE.
     
At the NSE, it jumped 9.98 per cent to Rs 93.65 -- its 52-week high level.
     
The company has entered into a partnership with Honda Motor under which it will form a 81:19 strategic partnership with the latter where both partners will drive the company towards a strong and sustainable future and be fully prepared for next-generation products and technologies, SMIL said in a statement.
     
Yachiyo Industry Co Ltd is a publicly listed firm on the Tokyo Stock Exchange. It is a subsidiary of Honda Motor Co Ltd. It has four-wheeler (4W) and two-wheeler (2W) businesses.
     
"As a part of the overall transaction, the 2W business will be transferred to Honda Motor before Motherson acquires 81 per cent stake in Yachiyo's 4W business," the statement said.