Motherson Sumi hit the 5% upper circuit to Rs 101.45 within commencement of trades ob reports that the company has bagged a huge $125 million export order from Ford-UK

By 9:58 IST, the scrip recorded volumes of 600 shares on the BSE. In last 20 sessions, beetween 31 March and 7 May 2003, the scrip of the auto ancillaries company rose 69.6% to Rs 96.65 from Rs 57. At the time of writing this article the total outstanding buy was 13,200 shares on the BSE.

The huge $125 million export order received by Motherson Sumi is for supplying dashboard assembly to Ford –UK. As per reports the supply of dashboard assembly is expected to begin in August 2003. The order is expected to impact MSSL's revenues to the extent of $ 25-30 million in the current financial year ending 31 March 2004, while the remaining order value will reflect in next fiscal years income statement. There are also expectations that the company may bag further new orders as the company is in advanced stages of discussion for export orders from various customers.

MSSL is serving the Indian Automobile Industry since 1975. Grown from a single product, single company entity, to a multi-product, multi-company group with core competencies in wiring harness manufacturing and processing of polymers. Providing full system solutions for automotive & other industries. Company's design and manufacturing facilities are spread across Australia, Asia, Middle East and Europe.

MSSL makes wiring harnesses and cords for passenger cars. It has a stronghold in the wiring harness segment, with an estimated 50% market share. The company also supplies its products to other automobile segments like multi-utility vehicles and two-wheelers. MSSL's top customers include Maruti, Telco, Honda and Woco (in the export market). It also has a 100% export-oriented unit catering to the European market.

For the third quarter ended 31 December 2002, the company recorded a massive rise in net profit to Rs 8.11 crore on a 36% increase in net sales to Rs 82.61 crore.

As on 31 March 2003, promoters held 71.39% stakes in MSSL, while public and institutions held 13.41% and 2.55% respectively.