Minda Corp calls off JV with Chinese firm

Minda Corporation said it called off joint venture with Shandong Beiqi Hai Hua Automobile Parts (China) for producing and selling automotive components.

MindaChina Plastic Solutions Co., a joint venture established between Minda KTSN Plastic Solutions GmbH & Co., K.G, Germany, a wholly-owned subsidiary of Minda Corporation and Shandong Beiqi Hai Hua Automobile Parts Co., China for producing and selling automotive components/parts has been called off with effect from 7 May 2020.

"The JV has not started any business and not generated any revenue since the establishment of joint venture company in China," the company said in a statement after market hours on Friday, 8 May 2020.

Minda Corporation is one of the leading automotive component manufacturing companies in India. It caters to 2/3 wheelers, passenger vehicles, commercial vehicles and after-market.

Shares of Minda Corporation was almost flat at Rs 57.90 on BSE. The stock traded in the range of Rs 61.45 to Rs 57.60 so far.

On the technical front, the stock's RSI (relative strength index) stood at 37.317. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading below its 50-day moving average (DMA) placed at 73.99 and its 200-day moving average (DMA) placed at 89.72.

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