Motherson surges 8% as BofA raises target price

Motherson Sumi Systems Ltd rose as much as 8.1 per cent to a record high of Rs 275.85 after Bank of America-Merrill Lynch raised its target price on the auto parts maker to Rs 311from Rs 248 while maintaining its "buy" rating.

BofA-Merrill estimates Motherson's sales and earnings would surge by 2020 on the back of an expansion of its core business and says the company will also benefit from "cost competitiveness, strong customer base and technology access."

Copyright: Thomsson Reuters 2014