Minda Corp erase morning gains; Stock down 1%
Ashish Kacholia had purchased 1.08 million shares or 0.52% equity of the company at Rs182 each on the BSE, as per bulk deal data.
Shares of Minda Corp had extended its Monday rally on the BSE after Ashish Kacholia bought an over one million shares of the auto ancillary company through the open market. However, the stock has erased morning gains and trading lower by 1%.
As per bulk deal data, Ashish Kacholia had purchased 1.08 million shares or 0.52% equity of the company at Rs182 each on the BSE. The stock is currently trading at Rs199 down by Rs1.95 or 0.97% from its previous closing of Rs200.95 on the BSE.
The scrip opened at Rs202.30 and has touched a high and low of Rs203.95 and Rs196 respectively.
Minda Corp has diversified product portfolio comprising of safety, security, restraint systems (47% of 9MFY18 revenues), driver information & telematics (32%) and interior systems (22%). It derives revenues from India (69%), Europe, North America (25%) and South East Asia (6%). As per end market, revenue mix is 33% CVs, 37% 2/3Ws, 19% PVs and 12% aftermarket. Minda Corp has set up task force for turning around operations of MF by re-negotiating input prices with suppliers and exiting non-profitable businesses.
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