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    COVID-19 has made this auto ancillary’s valuations more reasonable

    Nitin Agrawal
    April 29, 2020 / 09:24 AM IST
    COVID-19 has made this auto ancillary’s valuations more reasonable

    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    The COVID-19 outbreak has disrupted all economic activity. The automobile industry has been directly hit as the outbreak has led to complete closure of production, hit the supply chain and dealer showrooms are shut. The impact is not limited to just original equipment manufacturers but extends to auto component companies as well. In our endeavour to identify companies with strong fundamentals that are available at a reasonable valuation, we have identified Minda Corporation (MCL) (CMP: Rs69.7, Mcap: Rs 1,555 crore)...

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