Minda Corporation block deal: Fund houses buy Rs 407 crore worth of shares; stock hits all-time high
At around 10:41 a.m., shares of Minda Corporation traded 1.71 per cent or Rs 7.25 higher at Rs 432.3 apiece. The market capitalisation of the company at around the same time stood at Rs 10,335.4 crore.
Minda Corporation shares jumped over 5 per cent in trade on Tuesday (February 20) and recorded an all-time high of Rs 449.95 apiece on BSE. The uptrend in the stock came after many fund houses bought stakes in the company via multiple block deals.
At around 10:41 a.m., shares of Minda Corporation traded 1.71 per cent or Rs 7.25 higher at Rs 432.3 apiece. The market capitalisation of the company at around the same time stood at Rs 10,335.4 crore.
According to Trendlyne data, public shareholder Bela Agarwal sold the entire stake of 4.54 per cent at Rs 403 per share in the company. On the other hand, among many fund houses, prominent players like Motilal Oswal bought 43.7 lakh shares, Kotak Mutual Funds bought 45.43 lakh shares, and Axis Mutual Fund bought 2,50,000 shares.
How did Minda Corporation perform in Q3?
Minda Corporation reported its Q3 results on February 1, after market hours. The company recorded a consolidated profit after tax (PAT) of Rs 44.32 crore in the third quarter (Q3FY24) against Rs 40.87 crore a year ago. The company's revenue from operations year-on-year (YoY) stood at Rs 969.01 crore in the quarter under review against Rs 869.3 crore.
"Minda Corporation delivered consolidated quarterly revenue of Rs. 1,166 crores, growing 9.1 per cent year-on-year (YoY) on the back of a robust festive season and improved sentiments in rural and urban markets. However, growth was partially offset by subdued exports and delays in the SOP of certain products. Earnings before interest, tax, depreciation, and amortisation (EBITDA) for the quarter stood at Rs 130 crore with an EBITDA margin of 11.1 per cent registering a growth of 46 basis points YoY," the company said.
Minda Corporation share price: Past performance
In the last one year, shares of Minda Corporation have risen over 112 per cent, outperforming Nifty 50's rise of 24 per cent.
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