If the Nifty closes above 11,055, it will fuel a rally that can take the index towards 11,150-11,200 levels in the near-term.
KR Choksey is bullish on Minda Industries has recommended Accumulate rating on the stock with a target price of Rs 384 in its research report dated May 20, 2019.
The company had posted a net profit of Rs 135 crore in Q4 of FY18, Minda Industries said in a release.
Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, a rise of 5 points or 0.04 percent. Nifty futures were trading around 11,621-level on the Singaporean Exchange.
Overall pattern setup suggests that trend could remain intact while decline could be bought to continue its upward journey, experts said.
Cholamandalam securities is bullish on Minda Industries has recommended buy rating on the stock with a target price of Rs 365 in its research report dated February 08, 2019.
Minda is expected to benefit from the merger as it would widen its product portfolio.
The transaction also encompasses Minda getting 51 per cent stake in Harita Fehrer Limited, a joint venture of Harita with Fehrer Automotive GmbH, one of the leaders in automotive seating business in Europe.
Net Sales are expected to increase by 26 percent Y-o-Y (down 12.5 percent Q-o-Q) to Rs. 1,330.8 crore, according to Chola Securities.
Anand Rathi is bullish on Minda Industries has recommended buy rating on the stock with a target price of Rs 491 in its research report dated November 09, 2018.
Nalanda Securities is bullish on Minda Industries has recommended buy rating on the stock with a target price of Rs 474 in its research report dated November 06, 2018.
The Q2FY19 earnings season so far has been in line with the expectations. Strong results declared by IT companies, upbeat numbers from RIL and robust growth reported by the FMCG companies are indicative of sustained demand environment.
Revenue from operation rose to Rs 1,522 crore for the July-september period, up 39 percent from Rs 1,098 crore in the same period of the last fiscal, Minda Industries (MIL) said in a statement.
Total income of the company rose to Rs 1,436.32 crore for the first quarter, as compared with Rs 1,031.75 crore in the April-June quarter of 2017-18, Minda Industries said in a regulatory filing.
The Munich-headquartered firm manufactures automotive electronic control units (ECUs), software components for automotive lighting and infotainment applications, among others.
The proposed name for the JV company is Kasei Minda Mould Pvt Ltd, in which Minda would hold 49.9 per cent equity while Kasei Group would hold the rest 50.1 percent.
Geojit is bullish on Minda industries has recommended buy rating on the stock with a target price of Rs 1324 in its research report dated June 06, 2018.