Latest News | Samvardhana Motherson Shares Zoom 10 Pc; Hit 52-week High Level

New Delhi, Jul 5 (PTI) 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.

Also Read | Monsoon 2023 in India: IMD Forecasts Heavy Rainfall for South Gujarat, Saurashtra From July 6.

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.

Also Read | Layoff Season Over? Hiring in India Rises 12% in January-May 2023, Manufacturing Sector Sees 50% Increase in Headcount, Says Report.

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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)