Minda Corporation gains after issuing commercial paper

Minda Corporation rose 2.75% to Rs 113.90 at 10:40 IST on BSE after the company said it has issued commercial paper of Rs 25 crore.

The announcement was made after market hours yesterday, 12 April 2017.

Meanwhile, the S&P BSE Sensex was down 49.28 points, or 0.17% at 29,594.20. The S&P BSE Small-cap index was up 78.85 points, 0.53% at 14,931.12.

On the BSE, 40,000 shares were traded on the counter so far as against the average daily volumes of 66,505 shares in the past one quarter. The stock had hit a high of Rs 115.50 and a low of Rs 111 so far during the day.

The stock had hit a record high of Rs 143.60 on 12 July 2016 and a 52-week low of Rs 85.50 on 22 November 2016. The stock had outperformed the market over the past one month till 12 April 2017, advancing 20.82% compared with the Sensex's 2.41% rise. The scrip had also outperformed the market over the past one quarter advancing 24.48% as against the Sensex's 8.79% rise.

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

Minda Corporation said it has issued commercial paper of Rs 25 crore on 11 April 2017. This is in line with the management's efforts to bring down the cost of the company. The commercial paper is having maturity date 10 July 2017.

Minda Corporation's consolidated net profit fell 36.3% to Rs 20.10 crore on 9.7% increase 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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