Uno Minda shares jump 12% as Goldman Sachs sees upside potential of 20%
Uno Minda rallied 12% to its all-time high of Rs 1,180 in Thursday’s session on BSE after the global brokerage firm Goldman Sachs increased its target price to Rs 1,350 as it maintained a ‘buy’ call on the stock.
The brokerage firm predicts that localization in high-margin alloy wheels will support profit growth visibility. It further added that early product portfolio on E2Ws represents kit value optionally.
“More room to run in 4W lighting and 2W alloy wheels. The high multiplier on industry volume growth + stable margin profile,” the brokerage firm added.
The auto company has also launched a new line of cabin air filters in the market which will enhance the effective use of the car’s air conditioner, providing a more comfortable and efficient driving experience.
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Uno Minda is a leading global manufacturer of proprietary automotive solutions and systems supplying to OEMs as Tier-1. Established in 1958, the company is one of the leading manufacturers of automotive switching systems, automotive lighting systems, automotive acoustics systems, automotive seating systems and alloy wheels.
In the last 1 month and 3 months, shares of the company gained by 49% and 74.64% while on a YTD basis, the shares of the company climbed by 63% according to the BSE analytics.
Technically, the stock is placed well above all its significant exponential moving averages and is currently oscillating in an overbought zone near the 77 mark on the RSI as per
