Minda Industries gained 1.03% to Rs 476 at 14:45 IST on BSE after the company announced that it has signed the joint venture agreement with Tung Thih Electronic Co. Ltd.
The announcement was made during market hours today, 27 April 2017.Meanwhile, the S&P BSE Sensex was down 20 points or 0.07% at 30,099.06. The S&P BSE Mid-Cap index was up 34.42 points or 0.23% at 14,797.15.
On the BSE, 8,319 shares were traded on the counter so far as against the average daily volumes of 18,777 shares in the past one quarter. The stock had hit a high of Rs 488 and a low of Rs 470.05 so far during the day.
The stock had hit a record high of Rs 488.60 on 24 April 2017 and a 52-week low of Rs 194 on 27 April 2016.
The stock had outperformed the market over the past one month till 26 April 2017, rising 9.09% compared with the Sensex's 2.42% rise. The scrip had also outperformed the market over the past one quarter, gaining 37.13% as against the Sensex's 8.75% rise.
The mid-cap company has equity capital of Rs 17.28 crore. Face value per share is Rs 2.
Minda Industries announced that it has signed the joint venture agreement with Tung Thih Electronic Co. Ltd., (TTE), Taiwan to develop, manufacture, market and sale of driving assistance products & systems (DAPS) and safety systems including reverse parking assistance system (RPAS), camera, automatic parking systems, tyre pressure monitoring systems (TPMS).
The proposed location of the manufacturing plant will be in NCR region.
The company will hold 50% shareholding in the joint venture while TTE, Tawan will hold the rest 50%. The initial outlay for the JV company in the first phase is Rs 35 crore and additional investment of Rs 35 crore has been proposed in the phase 2. The JV partners will invest in the ratio of 50:50. In the JV company two directors will be nominated by each partner.
Managing director of the proposed JV company will be nominated by Minda Industries and Chief financial officer will be nominated by TTE, company said.
Minda Industries' consolidated net profit rose 55.1% to Rs 44.74 crore on 40.6% growth in net sales to Rs 875.82 crore in Q3 December 2016 over Q3 December 2015.
Minda Industries is part of UNO Minda. UNO Minda is a technology leader in auto components industry and a leading tier 1 supplier of proprietary automotive solutions to original equipment manufacturers (OEMs).
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
