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Last Updated : Mar 20, 2019 12:19 PM IST | Source:

Minda Industries gains 4% as Nomura gives it a 'buy' with 40% upside

It expect 18%/30% revenue/PAT CAGR over FY19-21.

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Shares of Minda Industries rose 4.6 percent intraday Wednesday after research house Nomura initiated buy call on the stock with a target at 490 per share.

According to Nomura, the affordable premiumisation and regulatory push are driving higher content per vehicle.

It expects revenue/PAT CAGR of 18%/30% over FY19-21. Nomura didn’t include acquisition of Harita Seating as it could add 4% to FY21 EPS.

At 11:39 hrs, Minda Industries was quoting at Rs 351.05, up Rs 4.55, or 1.31 percent on the BSE.

The share touched its 52-week high of Rs 455.00 and 52-week low of Rs 256.30 on July 11, 2018 and February 11, 2019, respectively.

Currently, it is trading 22.85 percent below its 52-week high and 36.97 percent above its 52-week low.

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First Published on Mar 20, 2019 12:05 pm
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