Minda Corp to raise Rs 1,000 crore via QIP, preferential share issue
Minda Corporation's board of directors has approved a Rs 1,000 crore fundraising plan via preferential issue of shares or qualified institutional placement (QIP) mode.
The decision was taken during a meeting held today and the company was informed about the development during market hours.
Shares of Minda Corp jumped 3% to hit the day's high of Rs 545 on the NSE.
The stock has rallied over 60% in the last one year, outperforming Nifty, which has delivered returns of 25% in the same period. Its year-to-date returns stand at 39%.
The stock is currently trading above its 50-day and 200-day simple moving averages (SMAs) of Rs 521 and Rs 438, respectively.
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At 75, momentum indicator MFI as reported by Trendlyne shows the stock trading in an overbought zone. A number above 70 is considered overbought while below 30 is seen as oversold.
The company reported a consolidated net profit for the quarter ended June 30, 2024, at Rs 64
