Motherson Sumi Systems rises on talks of acquisition in Europe

Shares of auto-parts and equipment manufacturer Motherson Sumi Systems rose substantially on market talk of a large acquisition by the company in Europe. The buzz is the company is looking to buy a German auto ancillary maker, though the company officials denied any such move.

"We are open to acquiring companies but we have not decided on any specific deal as yet," said a company spokesperson. Motherson Sumi counts Volkswagen, Ford, General Motors, Hyundai Motor and Maruti Suzuki, among its major clients. Shares of Motherson Sumi ended 3.4% higher at 224 on the BSE on Tuesday.

(Contributed by Shailesh Menon)