Minda Industries jumps after JV pact with a Japanese firm

Minda Industries surged 5.41% to Rs 624 at 10:04 IST on BSE after the company said Minda Industries UNO Minda Group, is entering into a joint venture agreement with Kosei International Trade and Investment Company, a Kosei Group company.

The announcement was made before market hours today, 27 February 2015.

Meanwhile, the S&P BSE Sensex was up 134.01 points or 0.47% at 28,880.66.

On BSE, so far 5,475 shares were traded in the counter as against average daily volume of 4,143 shares in the past two weeks.

The stock hit a high of Rs 635 and a low of Rs 609 so far during the day.

The Kosei Group is a leading Japanese Alloy Wheel manufacturer. The proposed plant of the joint venture (JV) company will be located at Bawal (Haryana) for manufacturing and supply of alloy wheels for passenger vehicles. The proposed shareholding of the JV company will be in the ratio of 70:30 i.e. UNO Minda Group 70% and Kosei Group 30%, Minda Industries said. The cost of the project is estimated at Rs 200 crore (First phase). The commercial production of the plant is expected for February 2016 with a monthly capacity of 60,000 units, Minda Industries said.

Minda Industries' net profit surged 211.9% to Rs 12.63 crore on 27.5% growth in net sales to Rs 357.09 crore in Q3 December 2014 over Q3 December 2013.

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

Powered by Capital Market - Live News