Subros Ltd shares rises over 3 per cent intraday on reinstating full supplies to Maruti Suzuki India

By: | Updated: June 20, 2016 4:33 PM

Subros Ltd shares surged over 3 per cent on Monday after the company reinstated full supplies to its customer Maruti Suzuki India from its other plants at Noida, Pune and Chennai.

Subros stocksSubros Ltd shares surged over 3 per cent on Monday after the company reinstated full supplies to its customer Maruti Suzuki India from its other plants at Noida, Pune and Chennai.(Photo: Reuters)

Subros Ltd shares surged over 3 per cent on Monday after the company reinstated full supplies to its customer Maruti Suzuki India from its other plants at Noida, Pune and Chennai.

At 1.12 pm, Subros shares were trading 2.04 per cent up at Rs 92.50 . The scrip opened at Rs 92.60 and has touched a high and low of Rs 94.20 and Rs 91.35, respectively, in trade so far. Later, the scrip gave up the gains and closed 1.38 per cent down at Rs 89.40.

Further, the company is working on fast-track basis to re-build the Manesar facilities so as to commence production in phased manner. The fire on May 29, 2016 at the Manesar facilities of Subros, which provides airconditioning compressors to Maruti, has led to disruption of supplies.

The promoters holding in the company stood at 40.01 per cent, while Institutions and Non-Institutions held 2.17 per cent and 57.82 per cent respectively.

The company is also working on fast-track basis to re-build the Manesar facilities so as to commence production in phased manner. Earlier, on May 29, 2016, a fire accident happened at the company’s plant Manesar, which impacted the building, stocks and plant & machinery.

Subros has grown from a capacity of 15,000 AC units in 1985 comprising of largely an assembly operation, into the largest and only integrated manufacturing unit in India for Auto Air Conditioning systems. The company has the capability to manufacture compressors, condensers, heat exchangers and all the connecting elements that are required to complete the AC Loop.

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