Suzuki last month decided to take over Maruti's proposed plant in Gujarat and invest in the unit through wholly-owned unit Suzuki Motor Gujarat Pvt Ltd.
Seeking to assuage investor concerns, Maruti Suzuki India Chairman R C Bhargava today said the deal to give its Gujarat plant to Suzuki for operations was "inheritingly beneficial" for the company and issues will get resolved gradually.
Seven mutual fund houses including ICICI Prudential MF , Reliance MF and UTI MF , are opposing Maruti's Japanese parent Suzuki Motor Corp's move to make a Gujarat unit its wholly-owned subsidiary as the deal would transform MSIL into a distribution company from a manufacturing one.
Also Read: Maruti plant stand-off: Will minority shareholders matter?
When asked about concerns raised by fund houses, Bhargava said, "I am sure as time goes by gradually these concerns will get resolved and we will do our best to resolve concerns for everybody."
"I am confident that when something is inheritingly beneficial it may take time for it to be appreciated but it will get known and things will work," he added.
Suzuki last month decided to take over Maruti's proposed plant in Gujarat and invest in the unit through wholly-owned unit Suzuki Motor Gujarat Pvt Ltd.
State-run Life Insurance Corp (LIC), which holds 6.93 percent stake in the company, has also sought clarifications on the matter.
While the market regulator is yet to hear officially from the fund houses, it is already looking into the matter on suo motu basis.
Last month, the fund houses had written a letter to MSI: chairman saying the decision is clearly "neither fair nor in the interest of shareholders".
Shares of MSIL took a beating on bourses following the reports falling by up to 6 per cent last week. The scrip, however, rose by 1.51 per cent to close at Rs 1,622.40 on the BSE today.
Maruti Suzuki stock price
On March 05, 2014, Maruti Suzuki India closed at Rs 1622.40, up Rs 24.10, or 1.51 percent. The 52-week high of the share was Rs 1864.00 and the 52-week low was Rs 1217.00.
The company's trailing 12-month (TTM) EPS was at Rs 106.68 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 15.21. The latest book value of the company is Rs 615.03 per share. At current value, the price-to-book value of the company is 2.64.
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