Motherson Sumi shares zoom 5% on order win from Boeing

Shares of Motherson Sumi Systems zoomed 5 per cent to hit an intraday high of Rs 139 in the early trade on Friday after the company announced that it won an order to manufacture, supply aftermarket molded polymer parts for commercial plane interiors. This is the first order for the company from Boeing.

The stock opened 2 per cent higher at Rs 135.20 against the previous close of Rs 132.30 on BSE. With a market capitalisation of more than Rs 61,000 crore, the shares higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages.

Motherson announced that it has won an order from Boeing to manufacture and supply aftermarket molded polymer parts for commercial airplane interiors. This is the first order for Motherson from Boeing.

The company said that the order will commence from Q3 FY23 and will be produced in a Motherson plant situated in Noida, located in the state of Uttar Pradesh in India.

Commenting on the deal, Mr. Kunal Bajaj, CEO (Aerospace division), Motherson, said, “We are delighted to be a part of Boeing’s global supply chain on plastic components. With this order, Motherson becomes a Tier-1 supplier to Boeing. This marks the beginning of a new journey in line with Motherson’s vision for growth in aerospace.”

“This is an important step in our commitment to the Government of India’s Aatmanirbhar Bharat vision. As a company with over seven decades of presence in India, Boeing is focused on supporting the development of aerospace and defence capabilities in India,” said Mr. Ashwani Bhargava, Senior Director, Supply Chain, Boeing India.

According to MarketsMojo, the stock is technically in a Bearish range. Multiple factors for the stock are Bearish like MACD, Bollinger Band and KST.