Stocks

Minda Industries to set up alloy wheel plant; shares surge 8.4%

Reuters Sept 26 | Updated on September 27, 2018 Published on September 26, 2018

Shares of automotive solutions supplier Minda Industries Ltd rose 8.40 per cent to 372 rupees, their biggest daily percentage gain since July 11.

The company has approved setting up of a manufacturing plant for 2-wheeler alloy wheels in Maharashtra. The project outlay is Rs 500 crore ($68.87 million) with the production expected to start from November.

Over 336,000 shares changed hands vs 249,593 30-day average. The stock has forward PE of 25.89 vs sector average of 22.50. Minda Industries stock had fallen 17 per cent so far this year as of last close. ($1 = 72.6150 Indian rupees)

Published on September 26, 2018
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