Minda lnd rallies over 15% post strong Q2 results

MUMBAI: Shares of Minda Industries surged over 15 per cent intraday after the company announced robust results for quarter ended September 2014. The company’s decision to hive off battery division also boosted investor sentiment.

The company’s net profit rose to Rs 25.57 crore in July-September quarter from Rs 5.12 crore in the corresponding quarter last fiscal. The company reported exceptional items gain of Rs 15.76 crore.

Net profit excluding exceptional items increased by 91.60 per cent on YoY basis but declined by 22.27 per cent on QoQ basis.

Total income from operations increased to Rs 347.03 crore, up 27.23 per cent, from Rs 272.74 crore in year-ago period.

The company has approved hiving-off of the running business of battery division of the company, located at Pant Nagar, Uttrakhand to a prospective joint venture between Minda Industries and Panasonic Corporation.

At 12:00 p.m.; the stock was at Rs 635.70, up 13.20 per cent, on the BSE. It rallied 15.57 per cent to touch intraday high of Rs 649.10.