Minda Corp through QIP, Preferential Share Issue of Rs. 1,000 crore will be collected

The Board of Directors of Minda Corporation through preferential issue of shares or Qualified Institutional Placement (QIP) mode of Rs. 1,000 crore fund raising plan has been approved.

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.

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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