Minda Inds gains after ICRA upgrades credit ratings

Minda Industries rose 2.03% to Rs 605 at 11:38 IST on BSE after the company said that credit ratings firm ICRA upgraded ratings of the company.

The announcement was made after trading hours on Monday, 8 December 2014.

Meanwhile, the BSE Sensex was down 91.59 points, or 0.33%, to 28,027.81.

On BSE, so far 2,487 shares were traded in the counter, compared with an average volume of 10,420 shares in the past one quarter.

The stock hit a high of Rs 614.40 and a low of Rs 590.20 so far during the day. The stock hit a record high of Rs 655 on 12 November 2014. The stock hit a 52-week low of Rs 167 on 4 March 2014.

The stock had outperformed the market over the past one month till 8 December 2014, rising 10.31% compared with 0.90% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 29.83% as against Sensex's 2.93% rise.

The small-cap company has an equity capital of Rs 15.86 crore. Face value per share is Rs 10.

ICRA upgraded long-term ratings of Minda Industries to "ICRA A" from "ICRA A-". The outlook on long term rating is stable.

ICRA upgraded its short-term ratings of the company to "ICRA A1" from "ICRA A2+"

Minda Industries' net profit jumped 399.6% to Rs 25.58 crore on 32.5% rise in total income to Rs 368.83 crore in Q2 September 2014 over Q2 September 2013.

Minda Industries designs, develops and manufactures automobile components for two, three, four wheelers.

Powered by Capital Market - Live News