Minda Industries Jumps The Most In Over Seven Weeks; Auto Component Suppliers Advance

Shares of Minda Industries Ltd. rose nearly 6% in intraday trade, the most in over seven weeks to Rs 814 apiece. Trading volume was quadruple the 20-day average volume for this time of day.

  • The relative strength index on the stock was above 70, indicating it may be overbought.
  • Minda Industries trades at 58 times its estimated earnings per share for the coming year.
  • Analysts have 15 ‘buy’, five ‘hold’ and two ‘sell’ recommendations.

The rise in shares of the automotive supplier to OEMs comes amid TPG investing Rs 7,500 crore in Tata Motors EV arm.

Shares of other component suppliers like Motherson Sumi, Bosch, Sona BLW have risen in trade as well

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