Minda Industries soars on getting nod to expand two-wheel, four-wheel Alloy Wheel business
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Minda Industries is currently trading at Rs. 1005.70, up by 60.15 points or 6.36% from its previous closing of Rs. 945.55 on the BSE.
The scrip opened at Rs. 980.00 and has touched a high and low of Rs. 1019.00 and Rs. 975.00 respectively. So far 32971 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1,019.00 on 13-Dec-2021 and a 52 week low of Rs. 365.05 on 22-Dec-2020.
Last one week high and low of the scrip stood at Rs. 1019.00 and Rs. 850.05 respectively. The current market cap of the company is Rs. 27006.84 crore.
The promoters holding in the company stood at 67.47%, while Institutions and Non-Institutions held 22.93% and 9.60% respectively.
Minda Industries has received approval from board of directors for expansion of two-wheel Alloy wheel capacity by 2.0 million (Mn) wheels per annum at its existing Supa Plant in Maharashtra. The current expansion is part of the two phased expansion planned by the company at the time of foraying in 2W Alloys wheel business. The current capacities are now already booked with incremental demand coming from leading OEMs requiring company to further expand its capacities. The total 2W Alloy wheel capacity of Uno Minda group shall be 5.6 Mn wheels per annum after completion of this expansion. The additional capital expenditure for the aforesaid capacity expansion will be Rs 190 crore. The expanded facilities are expected to commence operations by quarter ending March 2023.
Further, the company’s subsidiary -- Minda Kosei Aluminum Wheel has also received approval to expand its four-wheel Alloy wheel capacity by 30,000 wheels/month at its plant in Gujarat, to cater to the increased demand from leading OEMs in vicinity. This is in addition to the ongoing capex of 60,000 wheels/ month at Bawal Plant. The total 4W Alloy wheel capacity of Uno Minda group shall be 3,30,000 wheels per month after this enhancement. The additional capital expenditure for the aforesaid capacity expansion will be Rs 74 crore. The expanded facilities are expected to commence operations by quarter ending June 2023.
Minda Industries offers a range of products across various verticals of auto components, such as switching systems, acoustic systems and alloy wheels, among others.
