Shares of this small-cap auto ancillary stock saw an up movement of up to 6 percent today after bagging orders to produce battery chargers for Electric Vehicles (EVs). Year-to-date, the stock has gained close to 50 percent from Rs 205 at the start of January 2023 to the current price level.
With a market capitalization of Rs 7,300 crores, the stocks of Minda Corporation Limited are currently trading at Rs 305.20. The scrip witnessed an intra-day high price of Rs 307.70 making it the new 52-week high price of the stock. The same price represents a gain of 5.60 percent compared to the previous closing price of Rs 291.35.
The company’s stock prices surged today after it published a filing with the Bombay Stock Exchange (BSE) dated 11th July 2023 wherein it mentioned about bagging an order from a leading Original Equipment Manufacturer (OEM).
The order pertains to the production of Battery chargers for Electric Vehicles (EVs). The order’s lifetime value is set at Rs 750 crores. The product will be manufactured at Spark Minda Green Mobility Systems Private Limited (a wholly owned subsidiary of Minda Corporation Limited) facility in Pune.
Having a quick glance at the financials of the company, the basic indicators exhibiting smooth functioning such as the operating revenues and net profits have consistently increased in the last three financial years.
The operating revenues, in the recent period, moved up from Rs 2,975 crores during FY21-22 to Rs 4,300 crores in FY22-23, and, the net profit numbers, during the same time horizon, went up from Rs 184 crores to Rs 294 crores.
According to the latest shareholding data available for the June 2023 quarter, the Promoters hold a 64.73 percent stake, and Foreign Institutional Investors (FIIs) hold a 5.74 percent stake in the company.
Minda Corporation Limited is a company based in India that is involved in the business of manufacturing as well as assembling safety & security and other associated components in the industry. It has a diversified portfolio including mechatronics, etc.
Written by Amit Madnani
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