UNO Minda’s share price has surged by around 70% so far this year, with an 11% increase just this month. The company, known for producing automotive parts like lighting, alloy wheels, and sensors, has caught the attention of investors due to recent developments.
The company recently appointed Ramesh KS as the CEO of its ECS-2 division, effective from August 17, 2024. Ramesh, who previously worked as Senior Vice President at Ather Energy, will report directly to Nirmal Kumar Minda, the Chairman and Managing Director of UNO Minda Group.
UNO Minda reported a 17% increase in consolidated profit after tax for Q1, ending June 30, 2024, reaching ₹210.8 crore. The company’s consolidated income from operations for the quarter was ₹3,817.51 crore, up from ₹3,092.66 crore in the same period last year.
The company also announced plans to invest ₹62.69 crore in a new sunroof manufacturing plant in Bawal, which is expected to start commercial production by Q4 FY27.
Analysts remain optimistic about the stock’s future. Elara Capital has reaffirmed its ‘Buy’ rating and raised the target price to ₹1,200, highlighting UNO Minda’s strong performance in both 2-wheeler and passenger vehicle production growth. The company’s recent partnerships for EV components and sunroofs also show its focus on expanding into new product areas.
UNO Minda shares opened at ₹1,163.05 on the BSE today. Analysts suggest that the stock could continue its upward trend, with support around ₹1,025 and potential to rally towards ₹1,290.
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