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Minda Corp rallies 9%; Sula Vineyards slips 8% after huge block deals

Till 01:50 pm; as many as 10.96 million equity shares representing 4.58 per cent of total equity of Minda Corp have changed hands on the BSE, the exchange data shows.

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Deepak Korgaonkar Mumbai

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Shares of Minda Corporation hit a record high of Rs 441.5, as they rallied 9 per cent on the BSE in Monday’s intra-day trade after nearly 5 per cent of total equity of the auto ancillary company changed hands.

Till 01:50 pm; as many as 10.96 million equity shares representing 4.58 per cent of total equity of Minda Corp changed hands on the BSE, the exchange data shows. The names of the buyers and sellers were not ascertained immediately. 

Currently, Minda Corp, the flagship company of Spark Minda, is trading 5.5 per cent higher at Rs 428, as compared to 0.5 per cent rise in the S&P BSE Sensex. Since April, thus far in the financial year 2023-24, the stock has zoomed 105 per cent.

According to December 2023, shareholding pattern, Bela Agarwal, a retail individual shareholder, held 4.54 per cent stake in Minda Corp.

With first-mover advantage in electric vehicle (EV) products, Minda Corp supplies to all major EV 2W firms. Its smart key solution is being adopted by ICE 2W OEMs, a positive in spiking content per vehicle with realization for smart key at Rs 2,500+ versus Rs 400-600 for traditional locksets. Localization rise in wiring harness and execution of new orders may expand margin. Expect FY23-26E revenue CAGR of 14 per cent (ahead of 2W industry volume CAGR of 8 per cent) and an EBITDA CAGR of 21 per cent. Entering into new high growth products (sun-roof) may prop valuation (monitor order wins), said analysts at Elara Capital in a note.

Meanwhile, shares of Sula Vineyards slipped nearly 8 per cent to Rs 570.60 on the National Stock Exchange (NSE) in intra-day trade, after 25 per cent of total equity of breweries & distilleries changed hands. Around 21.03 million shares representing 24.8 per cent of total equity of Sula Vineyards changed hands, the NSE data shows.

According to December shareholding pattern, the promoters held 26.27 per cent holding in Sula Vineyards. Of this, Rajesh Suresh Samant held 21.09 million or 24.98 per cent stake, data shows.

As per media reports, Verlinvest Asia was to sell its entire 8.34 per cent stake in the company.

On clarification, the company said it is not aware of the decision of Verlinvest Asia to sell its entire 8.34 per cent stake in the company. “They have not discussed this issue with the company which we understand is purely their investment decision. Hence the company did not make any disclosure to the Exchange,” Sula Vineyards said in exchange filing. The company further said, in its view there would be no material impact of this article on the company.

The stock price of Sula Vineyards had hit a record high of Rs 699 on January 9, 2024. Prior to one month period, the stock had zoomed 51 per cent from level of Rs 464.65 on December 8, 2023.


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First Published: Feb 19 2024 | 2:32 PM IST

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