The decision was taken during a meeting held today and the company was informed about the development during market hours.
Shares of Minda Corp rose 3% on the NSE to Rs. A day peak of 545 was reached.
The stock has rallied over 60% in the past one year, outperforming the Nifty, which has returned 25% over the same period. Its year-to-date return is 39%.
The stock is currently trading at its 50-day and 200-day simple moving averages (SMA) of Rs. 521 and Rs. 438 is trading above.
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At 75, the momentum indicator MFI as reported by Trendline shows the stock trading in the overbought zone. A number above 70 is considered overbought while a number below 30 is seen as oversold.
For the quarter ended June 30, 2024, the company posted Rs. 64 crore as against a consolidated net profit of Rs. 45 crore was 42% more than that. Revenue in the reported quarter stood at Rs. 1,201 crore as compared to Rs. 1,076 crores. This was a jump of 12% year-on-year.
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