Minda Corporation climbs up after inaugurating new plant

Minda Corporation rose 2.82% to Rs 96.75 at 11:35 IST on BSE after the company announced the inauguration of new manufacturing plant located at Queretaro Industrial Park, Mexico.

The announcement was made during market hours today, 3 April 2017.

Meanwhile, the BSE Sensex was up 206.89 points, or 0.68%, to 29,822.78. The S&P BSE Small-Cap index was up 178.33 points or 1.24% to 14,612.19.

On the BSE, 33,940 shares were traded in the counter so far as against average daily volume of 58,283 shares over the past one quarter. The stock had hit a high of Rs 96.75 and low of Rs 94.15 so far during the day. The stock had hit a record high of Rs 143.60 on 12 July 2016. The stock had hit a 52-week low of Rs 85.50 on 22 November 2016.

The stock had underperformed the market over the past one month till 31 March 2017, falling 2.03% compared with 3.05% rise in the Sensex. The scrip had also underperformed the market in past one quarter, gaining 6.45% as against Sensex's 11.24% gains.

The small-cap company has equity capital of Rs 41.86 crore. Face value per share is Rs 2.

Minda Corporation announced that the new facility Minda KTSN Plastic Solutions Mexico, S. de R.L. de C.V. is a part of Minda KTSN Plastic Solutions, Germany (Minda KTSN) which was established in 2007 to oversee the European operations. The company has made an Investment of approximately $10 million for the plant in the first phase

The green-field plant at Mexico specializes in manufacturing of Interior automotive components such as glove box, I panel parts etc for its esteemed customer Volkswagen Group.

The new facility at Queretaro which is Minda KTSN's 5th unit has a total area of 8,500 square meters with manpower strength of around 130 employees. The plant has an additional 5000 square meters space in the similar premises for further growth and is targeting annual sales of 450 million Pesos (US$24 million) from 2017-18 onwards.

Minda KTSN Plastic Solutions, Germany is a wholly owned subsidiary of Minda Corporation, a flagship company of Spark Minda, Ashok Minda Group, India. Minda KTSN in Europe has state of the art of Injection moulding, automated assemblies, and internal tool manufacturing facilities.

On a consolidated basis, Minda Corporation's net profit fell 36.3% to Rs 20.10 crore on 9.7% rise in net sales to Rs 712.93 crore in Q3 December 2016 over Q3 December 2015.

Minda Corporation is a diversified company with a product portfolio encompassing from mechanical and electronic security system, electronic controllers for electric vehicles and for auto original equipment manufacturers (OEMs) across the globe. It also manufactures die casting parts for auto and consumer durable industry.

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