 "Minda Industries hits new high post Q2 results")
Minda Industries has soared 13% to Rs 635 after reporting nearly five-fold jump net profit at Rs 25.58 crore for the quarter ended September 30, 2014 (Q2), due to strong operational income and exceptional item gain on account of sale of battery division.
The auto-components manufacturer had profit of Rs 5.12 crore in the same quarter year ago.
Total income from operations for the quarter grew 27% to Rs 347 crore against Rs 273 crore in the corresponding quarter of previous fiscal.
EBITDA or operating profit margin improved 200 bps to 7.9% from 5.8% during the recently concluded quarter.
Meanwhile, Minda Industries, will partner Japanese multi-national Panasonic for manufacturing automotive batteries in India.
The board of directors of the company approved the matter relating to hiving off of the running business of battery division of the company, located at Pant Nagar, Uttrakhand to a prospective joint venture between Minda Industries and Panasonic Corporation, subject to requisite approvals, the company said in a statement.
The stock opened at Rs 612 and hit a high of Rs 649 on NSE. The trading volumes on the counter surged over eight-fold with a combined 285961 shares changed hands on NSE and BSE till 1010 hours.
Total income from operations for the quarter grew 27% to Rs 347 crore against Rs 273 crore in the corresponding quarter of previous fiscal.
EBITDA or operating profit margin improved 200 bps to 7.9% from 5.8% during the recently concluded quarter.
Meanwhile, Minda Industries, will partner Japanese multi-national Panasonic for manufacturing automotive batteries in India.
The board of directors of the company approved the matter relating to hiving off of the running business of battery division of the company, located at Pant Nagar, Uttrakhand to a prospective joint venture between Minda Industries and Panasonic Corporation, subject to requisite approvals, the company said in a statement.
The stock opened at Rs 612 and hit a high of Rs 649 on NSE. The trading volumes on the counter surged over eight-fold with a combined 285961 shares changed hands on NSE and BSE till 1010 hours.
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