Uno Minda rose rose 2.28% to Rs 1079.70 after a foreign broker initiated coverage on Uno Minda with a "Buy" rating and a bullish target price of Rs 1,350.
Following the upgrade, shares of Uno Minda hit a record high of Rs 1,180.80 today.The brokerage report highlighted the company's strong positioning within the growing Indian auto components industry. Uno Minda currently holds a dominant market share, exceeding 50% in auto switches and 40% in 4-wheeler alloy wheels.
However, the report also acknowledged potential risks to Uno Minda's future performance. These include maintaining its peak switches share, potential slowdowns in the automobile sector, and balancing growth focus with free cash flow generation.
Uno Minda is a leading global manufacturer and supplier of proprietary automotive solutions and systems to OEMs as Tier-1. The company is one of the leading manufacturers of automotive switching systems, automotive lighting systems, automotive acoustics systems, automotive seating systems and alloy wheels in India.
The companys consolidated net profit jumped 58.3% to Rs 289.11 crore in Q4 FY24 as compared with Rs 182.65 crore in Q4 FY23. Revenue from operations increased 31.3% YoY to Rs 3,794.02 crore in Q4 FY24.
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