Minda Corp block deal: Shares rise 6%, hit record high for second session

Shares of Minda Corporation Ltd hit record high for the second straight session today as 1.1 crore shares changed hands in a block deal on Monday.

High net-worth individual Bela Agarwal offloaded entire stake of 1,08,50,700 equity shares (amounting to 4.54 percent of total paid-up equity) via open market transactions at an average price of Rs 403 per share.

On the other hand, Motilal Oswal Mutual Fund bought 43,70,000 equity shares and Kotak Mahindra Mutual Fund acquired 36,93,700 shares at Rs 403 per share.

Minda Corporation shares zoomed 5.63% to a fresh high of Rs 449 on BSE. Market cap of the firm rose to Rs 10,451 crore.

Minda Corp stock opened higher at Rs 440.85. In a year, the Minda Corp stock has risen 114% and climbed 13.02% in 2024.

A total of 0.48 lakh shares of Minda Corp changed hands amounting to a turnover of Rs 2.12 crore on BSE.

In terms of technicals, the relative strength index (RSI) of the stock stands at 65.7, signaling it's trading neither in the overbought nor in the oversold zone. Minda Corp shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

It has a one-year beta of 0.1, signaling low volatility during the period.

Minda Corporation is engaged in manufacturing automotive components. The company is primarily engaged in the manufacturing and assembly of safety and security systems and their associated components for the automotive industry. Its diverse product portfolio includes mechatronics and vehicle access systems, wiring harness, interior plastics division, advanced technologies and aftermarket.

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