Minda Industries issues commercial papers worth Rs 50 crore; climbs over 3 per cent

Minda Industries announced on Friday that it has issued commercial papers of Rs 50 crore with an allotment date of March 18, 2021, which is due to mature on June 16, 2021. The company has issued these commercial papers to bring down the finance cost. 

Soon after the announcement, the company’s stock increased by 4.11 per cent.  

Besides, the company reported a net profit of Rs 120.76 crore in Q3FY21, an increase of 125.93 per cent. It had reported a profit of Rs 53.45 crore in Q3FY20. The company reported net sales of Rs 1,801.62 crore for Q3FY21, an increase of 35.39 per cent as against the net sales of Rs 1,326.84 crore for Q3FY20. 

A flagship company of UNO MINDA Group, Minda Industries is a technology leader in the auto components industry and also, a leading supplier of proprietary automotive solutions to OEMs as Tier-1. 

According to BSE data, the stock traded at a P/E multiple of 193.11 and a price-to-book ratio of 9.60. The stock has a 52-week high and a 52-week low of Rs 612.35 and Rs 208.25, respectively. 

The stock of the company closed at Rs 571.10, up by 3.42 per cent on Friday. It registered an intraday high and an intraday low of Rs 574.90 and Rs 527.05, respectively.