Page 2 - Minda Corporation

Pricol gets relief from Madras High Court in tussle with Minda Corp

Auto components maker Pricol Ltd on Thursday said it has moved the Madras High Court challenging the validity of the application of rival Minda Corporation to the Competition Commission of India to acquire a 24.5 per cent stake in it. Minda Corporation had earlier this month decided to approach the CCI to increase its stake in Pricol to up to 24.5 per cent, following the acquisition of a 15.7 per cent stake by purchasing over 1.91 crore shares of the latter from the open market on February 17, 2023. In a regulatory filing, Pricol said it has filed a writ petition before the Madras High Court in connection with Minda Corporation Ltd's (Minda's) application to the CCI. The petitions challenged the validity of the application of Minda to the CCI, for making investment in equity shares of Pricol Ltd up to 24.5 per cent of total equity shares, it added. The Division Bench of the High Court on May 24, 2023 "admitted the writ petition and restrained by way of an interim order, the taking

Auto parts firm Pricol moves CCI over Minda plan to buy 24.5% stake

Battle between the two firms began this February when Minda Corp bought 15.7% in Pricol for Rs 400 crore in the open market. Early this month, Minda sought CCI nod to buy 24.5% more in Pricol

Auto ancillary Minda Corp approaches CCI to increase Pricol stake to 24.5%

Auto component maker Minda Corporation on Tuesday said its board has decided to approach the Competition Commission of India (CCI) to increase its stake in automotive technology firm Pricol to upto 24.5 per cent. On February 17, 2023, Minda Corporation had acquired a 15.7 per cent stake in Pricol by purchasing over 1.91 crore shares of the latter from the open market. "We would like to update that the Board of Directors in its meeting held on May 1, decided to file an application to CCI for making investment in equity shares of Pricol Ltd upto 24.5 per cent of total equity shares of Pricol, at this stage," Minda Corporation said in a regulatory filing. After buying the stake in February, Minda had maintained that it was a mere financial investment. On the other hand, the promoter family of Pricol, led by its Chairman Vanitha Mohan and Managing Director Vikram Mohan, who hold 36.53 per cent in the company had stated that they had no intention to sell their holdings. Pricol and Mind

Minda Corp slips 9% in 3 days after it acquires 15.7% stake in Pricol

MCL bought Pricol's shares at a price of Rs 208.98 per share. This is an open-market transaction and no prior approvals have been obtained

Minda Corp set to focus on organic growth after 15.7% Pricol buy

Pricol is a major player in the connected vehicle solutions and telematics segment of the auto component industry

Pricol denies Minda Corp claim of buying 15.7% stake in firm for Rs 400 cr

Coimbatore-based automotive components company denies promoters selling stake

Minda Corp, Pricol surge up to 6% amid stake sale buzz

Pricol said the promoters have absolutely no intent of undertaking any secondary sale of promoter stake nor does the company have any intent to raising equity capital of any form.

Sensex dips 1,024 pts amid rising oil price, FII selling; Nifty holds 17200

FIIs' favorite names and heavyweights like HDFC twins, ICICI Bank, Infosys, Kotak Bank, and Reliance Industries saw sharp cuts

Minda Corp, Pricol: These auto ancillary stocks may be the next big movers

Auto ancillary stocks may jump up to 15 per cent in upcoming sessions

Minda Corp jumps 7% on stellar March quarter results, dividend bounty

The automobile component maker reported a consolidated net profit of Rs 12.92 crore for the March quarter of FY21 as against a loss of Rs 299.78 crore in the year-ago period

Stocks to watch: Tata Motors, Axis Bank, IOC, Minda Corp, Shakti Pumps

Jindal Stainless Hisar (JSHL) reported an over three-fold jump in its consolidated net profit at Rs 350.65 crore for the quarter ended March 31, 2021, mainly on account of increased income

CEAT, Pricol: Auto ancillary stocks look set to rally further, charts show

With a "Higher High, Higher low" formation, the stock of Pricol has gradually risen to higher levels recently.

Minda Corporation reports loss of Rs 35.40 crore for June quarter

Auto component maker Minda Corporation on Thursday reported a loss of Rs 35.40 crore for the quarter to June 2020.

Minda Corporation posts consolidated loss after tax of Rs 300 cr in Q4

The company had posted a consolidated profit after tax of Rs 41.92 crore in the corresponding period of the previous financial year, Minda Corporation said in a regulatory filing

Auto components maker Minda Corp to merge 5 subsidiaries over 6 to 8 months

Auto components maker Minda Corporation Monday said that its board has approved a scheme to amalgamate five of its wholly-owned domestic subsidiaries into the parent company. The merger, subject to necessary statutory and regulatory approvals, is expected to be completed over the next six to eight months, Minda Corp said in a statement. The subsidiary companies proposed to be merged are Minda SAI, Minda Automotive Solutions, Minda Autoelektrik, Minda Management Services and Minda Telematics & Electric Mobility Solutions. "All assets and liabilities of these companies shall be transferred to Minda Corp at book value as on the designated appointed date of April 1, 2018," the company said. The revenue of the merged entity will increase to around Rs 1,972 crore compared to standalone revenue of Rs 9,70.2 crore, based on FY18 results. The proposed merger will not result in expansion of equity capital or change in shareholding pattern of Minda Corporation, it added. "Spar

Minda Corp shares extend gains after stake buy by Ashish Kacholia

The stock was up 1.5% to Rs 204 on Tuesday, extending its Monday's 15% rally on the BSE, after investor Ashish Kacholia bought 1.08 million shares at Rs 182 each.

Minda Corporation dips after block deals

The stock dipped 11% to Rs 95.75 after a more than 5% of total equity of the company changed hands via block deals on the BSE.