Goldman Sachs purchased shares of Samvardhana Motherson International for ₹87 crore through open market operations, leading to a nearly 3% increase in share price on Wednesday.
The company's shares increased by over 15% from their recent low of ₹115.8 in early March. The stock has fallen 13% this year, compared to a 0.02% drop in the benchmark Sensex. Samvardhana Motherson has a market capitalization of ₹94,986.98 crore, as per BSE data.
Goldman Sachs bought 6.54 million shares of Samvardhana Motherson International through its subsidiary, Goldman Sachs (Singapore) Pte, according to BSE block deal data. At an average price of ₹132.7 per share, a total of ₹86.90 crore was paid for the shares.
Meanwhile, Hong Kong-based asset management firm Kadensa Capital, through its subsidiary Kadensa Master Fund, sold the same number of shares at the same price.
A globally diversified manufacturer, Samvardhana Motherson International (formerly Motherson Sumi Systems Limited) offers full-system solutions to clients in the automotive and other industries.
In order to provide sustainable packaging solutions in Europe and India, the company established a joint venture with Sanko, a material handling company based in Japan, in February. The joint venture (JV) will lower overall logistics costs and increase the efficiency of material handling.
Although it exceeded analysts' expectations, the company's consolidated profit increased for the December 31 quarter to ₹878.9 crore. By market capitalization, Samvardhana Motherson is the biggest auto parts manufacturer in India, catering to automakers like Mercedes-Benz and Maruti Suzuki.
