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"In the past, the RBI was persistently trying to push growth by keeping monetary policy excessively loose, as a result of which today we are in the sorry state that we are in. There is almost runaway inflation and growth is not very much better. The RBI was trying to fight the government’s battles with little or no success and grave consequences. Now the government is trying to fight the RBI’s battles. "

Minda Industries Ltd., incorporated in the year 1992, is a Mid Cap company (having a market cap of Rs 24908.96 Crore) operating in Auto Ancillaries sector.

As of 31-Mar-2022, promoters held 14.72 per cent stake in the company, while FIIs held 23.26 per cent and domestic institutional investors had 28.05 per cent.

On the technical charts, the 200-day moving average of the stock stood at Rs 1228.14.

Minda Industries said its board has recommended a 50 per cent final dividend at the rate of Re 1 per equity share of the face value of Rs 2 each, along with an issue of bonus shares in the ratio of 1:1.The company’s share price rose to a high of Rs 906.45 as against Rs 835.10 at the previous close on the BSE.

The index was last at 101.92 as against 103.15 at the end of the previous week. Earlier this month, the index, which measures the US dollar against six major rival currencies, had climbed to 105.

GIC will invest Rs 770 crore towards subscription of equity and warrants, followed by up to Rs 1425 crore in one or more tranches within 18 months upon exercise of warrants. Post the entire investment, GIC will own around 7.5% equity stake in ABFRL while Aditya Birla Group will hold about a 51.9% stake in the company post the completion of this transaction.

“Auto is one of the sectors we are positive on. The other one is banking. Largecap banks have corrected quite a bit and the ownership also basically has come down dramatically. We also like the defensive sectors – pharma and FMCG. We have also started liking largecap IT because there also, the correction has been quite good and demand does not seem to be going away.”

But strategists have been revising down their year-end forecasts after the recent sharp sell-off, including Credit Suisse Securities, which cut its year-end S&P 500 target to 4,900 from 5,200 earlier this month.

At 9.27 am, the BSE Sensex was trading 268.14 points or 0.50 per cent higher at 54,320.75. Nifty50 was trading at 16,212.25, up 87.10 points or 0.54 per cent. Midcap and smallcap indices fell up to 0.10 per cent. Most Asian markets were trading with marginal gains.