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. For more market news, click here
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