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livemint.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
financialexpress.com / 1 year ago
Up 10% in June so far, auto component maker Minda Corporation is Axis Securities' pick of the week; here's why
Minda Corporation as its 'top pick of the week'. This is on the back of its reasonable valuations, strong EV (electric vehicle) order wins, and EBITDA margin improvement.The brokerage has a ‘buy’ call on the stock with a target price of ₹502, implying a potential upside of 10 percent.Minda Corporation is one of India's leading manufacturers of automotive components, including Electronic & Mechanical Security Systems, Die Casting, Key Solutions, Telematics, ITS & IoT, Wiring Harnesses, SRCs, Components, Instrument Clusters, Sensors, and Interior Plastics.
These products cater to leading Passenger Vehicle, Commercial Vehicle, Motorcycle & Scooter, and Off-road Vehicle manufacturers. The $610 Mn Group, with a workforce of more than 16,000, has several JVs with leading companies from the USA, Japan, Italy, Uzbekistan, and China.The stock has surged over 56 percent in the last 1 year and almost 22 percent in 2024 YTD.
The stock has jumped over 10 percent in June so far, extending gains after a 4.2 percent gain in May. However, it fell 2.3 percent and 0.7 percent in April and March.
Meanwhile, it was positive for the first two months of the year, up 2 percent and 6.8 percent in February and January.The scrip hit its record high of ₹474.55 in intra-day deals today. Post today's rise, the stock has rallied 71 percent from its 52-week low of ₹277.45, hit on July 4, 2023.In the March quarter, Minda Corporation posted a 27 percent year-on-year (YoY) rise in its profit after tax to ₹71 crore as against ₹56 crore in the year-ago period.
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