Buy Minda Industries, target price Rs 385: IIFL

IIFL has given a buy rating to Minda Industries with a target price of Rs 385. The share price moved down by 1.96 per cent from its previous close of Rs 367.20. The stock’s last traded price is Rs 360.

Minda Industries Ltd., incorporated in the year 1992, is a Mid Cap company (having a market cap of Rs 9981.14 Crore) operating in Auto Ancillaries sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 1465.04 Crore, up 251.24 % from last quarter Sales of Rs 417.11 Crore and up 7.76 % from last year same quarter Sales of Rs 1359.58 Crore Company reported net profit after tax of Rs 84.48 Crore in latest quarter.


Investment Rationale
Stock has given a triangle pattern breakout on the daily chart.

Promoter/FII Holdings
Promoters held 70.9 per cent stake in the company as of June 30, 2020, while FIIs held 10.26 per cent, DIIs 7.47 per cent and public and others 11.4 per cent.