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

Reuters Updated - September 27, 2018 at 04:28 PM.

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 06:49