Motherson Sumi top gainer

Motherson Sumi is the top gainer on the BSE since the morning. The stock, which had closed yesterday at Rs.63.15, opened today at Rs.64.50 and went on to an intraday high at Rs.74.70, which is very close to its 20% UC of today at Rs.75.75.

The market is very happy with its performance report till end of 31st March 2020, post the Covid crisis. The company said that its net debt levels were at its lowest in eleven quarters. It said that it has adequate headroom in our bond documents to utilize the above and there are also no major maturities of debt in the next 12 months.

In terms of financials it said its liquidity is strong with consolidated cash of Rs.46.90 billion.

To further enhance liquidity in these uncertain times, the Board of Directors has accorded in-principle approval to raise up to Rs 10 bn and delegated its Committee of Directors to evaluate and decide on various borrowing proposals.

It is also proactively working to leverage on various government support schemes to enhance liquidity.