Shares of Samvardhana Motherson International Limited (SAMIL) fell by 2.5% to Rs 165 after Kotak Institutional Equities downgraded the stock to 'reduce' following its acquisition of a 95% stake in Japan's Atsumitec for $57 million. The brokerage set a target price of Rs 170, indicating no expected upside, despite SAMIL shares having surged 63% since the beginning of the year. Atsumitec specializes in high-precision machined components for vehicles.
Samvardhana Motherson has acquired Japan's precision component manufacturer Atsumitec for $57 million, securing a 95% stake, while Honda Motors retains 5%. This acquisition aims to enhance Samvardhana's business with Japanese OEMs and expand into new product lines and markets, including Vietnam. Atsumitec specializes in high-precision machined components for both four-wheelers and two-wheelers, with an expected FY24 turnover of $412 million.
Zomato will replace JSW Steel in the Sensex index starting December 23, as announced by BSE. Additionally, several changes will occur in other indices, with companies like Ashok Leyland and IDFC First Bank being dropped from BSE 100, while Jio Financial Services and others will be added. In the BSE SENSEX 50, HDFC Life, BPCL, and LTI Mindtree will be replaced by Zomato, Jio Financial, and HAL.
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