India's Uno Minda up after Q3 earnings jump, positive commentary
09/02/2023 05:38
** Shares of Uno Minda UNOI.NS rise as much as 4.02% to
527.50 rupees, highest in three weeks
** The automotive solutions provider reports 60% rise in Q3
consolidated net profit
** Also approves sale of its entire stake in Minda
Nexgentech for 20.8 mln rupees (~$252,000) and purchase of
22.65% stake in Minda Kosel Aluminium Wheel for 1.16 bln rupees
** Significant investments across switch, light, alloy wheel
and EV products, and healthy order wins should aid UNOI to
outperform industry volume growth, says global brokerage firm
Nomura, which maintains "buy" on the stock
** Expect UNOI to outperform industries due to
premiumisation, new products addition and order wins across
segments, says Kotak Institutional Equities, which also expects
UNOI to gain market share
** The domestic brokerage firm has an "add' rating on UNOI
** Of 14 analysts tracking the co, 11 maintain "buy", two
recommend "sell" and one suggests "hold"; median TP is 625
rupees: Refinitiv data
** Trading volume is 702,043 shares as of 10:53 a.m. IST,
1.7x the 30-day avg of 418,815 shares: Refinitiv data
($1 = 82.6350 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru)
((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))