Minda Inds hits all time high

Minda Industries had closed yesterday at Rs.696.50 and today morning, it opened at Rs.641 and soon rushed to hit the 20% upper ceiling where it is currently locked at Rs.696.50.

The market is thrilled with its Q2FY16 performance. An auto component manufacturer, the company reported a whopping 110% (YoY) jump in consolidated net profit at Rs.26 crore on a 20% rise in net sales at Rs.652 crore. EBITDA for the quarter was up by a smart 70% at Rs.63 crore. Margins have expanded 294 bps to 9.7% (YoY).

This company is the flagship of UNO Minda, which is a technology leader in auto component making,  and a supplier to OEMs. The group has 36 manufacturing facilities all over the world. Minda Industries acoustics division has received export order from Renault for Brazil  and new orders from Maruti and Tata Motors.