Minda Industries surges 2% after brokerage house’s upgraded rating
Auto components manufacturer Minda Industries gained 2% post Australia-based brokerage house Macquarie initiated an “Outperform” for it with a target price of Rs550. This indicated a possible uptrend of 36% from the last regular trade.
Further, it predicted a dominant market share and technology leadership in core products. Future ready products will also gain from the impending shift in Indian autos and the firm is well-aligned to the growth drivers of the Indian automative industry, Macquarie added.
In our view, Minda has emerged a strong performer and has benefited from consolidation of group entities with itself, strong demand for its products led by a buoyant automotive market and a reducing debt profile. Moreover, the company is a leader in automotive switches and leading player in horns and lighting, serving majorly to the OEMs.
The company’s stock is currently trading at Rs413.60, up by Rs8.3 or 2.05% from its previous closing of Rs405.30 on the BSE.
The scrip opened at Rs410 and has touched a high and low of Rs415 and Rs410 respectively. So far 46,891 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs10,627.65cr.
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