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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Samvardhana Motherson shares rise 4% as company sees limited impact from US tariffs
Samvardhana Motherson International Ltd (SMIL) advanced 3.8% to their intraday high of Rs 137 on the BSE after the company stated that the recently announced US tariffs on imported products, including automotive components, are not expected to materially impact its financials at present.
In a regulatory filing on Thursday, SMIL informed exchanges that a significant portion of its products supplied to U.S. customers are either manufactured domestically within the U.S. or are compliant with the United States-Mexico-Canada Agreement (USMCA). Based on this, the company has assessed that the Executive Orders issued by the U.S. government imposing tariffs are unlikely to have a significant financial effect.
“The U.S. Government via Executive Orders announced tariffs on imported products from various countries globally, including automotive components, which may be subject to modifications from time to time. A significant part of the products supplied by the Company and/or its subsidiaries to its various customers in the U.S are either manufactured in the U.S. or are United States-Mexico-Canada Agreement (“USMCA”) compliant and therefore as per our present assessment the said Executive Orders may not have any material impact on the financials of the Company,” the company said in an exchange filing.
However, the company cautioned that the actual impact going forward would depend on the scope and details of the executive irders, including any changes to inclusions or exclusions of products, tariffs, and territories.
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India Inc sees limited impact of US tariffs, expects major realignment in global trade economictimes.indiatimes.com / 1 year ago
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21.05 / 09:47
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