Minda Corp jumps on value buying

Minda Corporation rose 4.65% to Rs 164.45 on bargain hunting after a recent selloff.

Shares of Minda Corporation tumbled 10.17% in the past six trading sessions.

On a year-to-date (YTD) basis, the stock has jumped 98.55% while the benchmark Sensex has added 24.19% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 53.35. 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, 100-day and 200-day simple moving average (SMA) placed at 167.63, 165.96 and 167.10, respectively.

On a consolidated basis, Minda Corporation's net profit (from continuing operations) jumped 51.27% to Rs 39.06 crore on a 11.45% surge in revenue from operations to Rs 731.25 crore in Q2 September 2021 over Q2 September 2020.

Minda Corporation is an automotive component manufacturing company with a pan-India presence and international footprint.

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