Minda's Rs 750 Crore EV Chargers Order Drives Stock Higher

Shares of Minda Corp. hit a record high after its unit bagged an order worth Rs 750 crore for the production of battery chargers for electric vehicles.

The company's subsidiary, Spark Minda Green Mobility Systems Pvt. will manufacture the product at its facility in Pune. Electric vehicles accounted for nearly 20% of the total orders won in FY23, according to an exchange filing.

Shares of Minda Corporation rose 4.56% to Rs 304.65 apiece as of 11 a.m., as compared to a 0.69% advance in the NSE Nifty 50. The scrip rose as much as 5.61% intraday to hit an intraday record high of Rs 307.7 per share. The stock has risen nearly 49% year-to-date.

Total traded volume so far in the day stood at 2.8 times its 30-day average. The relative strength index was at 62.

Out of the eight analysts tracking the company, six maintain a 'buy' rating and two recommend a 'hold' on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 18%.