Auto Ancillary stock engaged in the business of manufacturing and supplying automotive components to players like KTM, Triumph, TATA Motors and many more jumped 6 percent in the day’s trade, upon receiving an order and signing a strategic alliance agreement with a Japanese company.
With a market capitalization of Rs. 9,546 Crores, the shares of Minda Corporation Limited were trading at Rs. 399.30, down 0.08 percent from its previous day’s close price of Rs. 399.60.
Minda Corporation Limited the flagship company of Spark Minda has entered into a strategic alliance with Global Japanese Player for the manufacturing of Smart Vehicle Access Systems.
It has been awarded an order for a leading 2W OEM in India to manufacture Smart Key Systems. The awarded products will be manufactured at Spark Minda’s state-of-the-art facility in Pune.
The partnership is in phase 1 which is for manufacturing and it underlines Spark Minda’s commitment to enabling unique and customized solutions backed by cutting-edge technology to enhance user experience and comfort.
With increasing customer expectations for product premiumization, this partnership will strengthen the company’s leadership position as a future-ready organization in the area of vehicle access.
Minda Corporation Limited is engaged in the business of manufacturing and supplying automotive components like safety and security systems and their associated components for the automotive industry.
It has a strong customer base with well-known players like, Ashok Leyland, Bajaj Auto, Hero Moto Corp, KTM, Triumph, Tata Motors, and many more.
Its revenue breakdown as of 9M FY24 is, Wiring Harness 33 percent, Lockset 24 percent, Die Casting 15 percent, Instrument Clusters 15 percent, and others 13 percent.
Its revenue from operations grew by 44.50 percent from Rs. 2,976 Crores in FY22 to Rs. 4,300 Crores in FY23, accompanied by increasing profits of Rs. 192 Crores to Rs. 284 Crores.
Written by: Bharath K.S
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