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Minda Industries hits lifetime high; zooms nearly 50% post Q1 results

 

Minda Industries hits lifetime high; zooms nearly 50% post Q1 results

  Minda Industries has rallied 13% to Rs 330 on the BSE, extending its past one-month rally, after the company’s consolidated net profit nearly doubled to Rs 27 crore in June 30, 2016 (Q1FY16) quarter, on the back of strong operational performance. The auto ancillary company had registered a profit of Rs 14 crore in the year ago quarter.

Total operational income during the quarter under review grew 44% at Rs 767 crore against Rs 533 crore in the corresponding quarter of previous fiscal.

The EBITDA (earnings before interest, taxes, depreciation and amortization) margin expanded 303 basis points to 9.4%, primarily driven by consolidation and improving product-mix.

The stock trading at its lifetime high and rallied nearly 50% from Rs 223 since August 12, post Q1 results.

The stock turned ex-stock split on Monday, September 12, 2016. The company fixed September 14, 2016 as the record date for the purpose of ascertaining the eligible shareholders who would be entitled to receive 5 equity shares of nominal value of Rs 2 each in lieu of 1 equity share of nominal value of Rs 10 each of the company.

Till 12:45 pm, a combined 500,645 shares changed hands, against an average sub 90,000 shares that were traded in past 10 days before stock split.