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The stock traded at a P/E multiple of 91.71, while the price-to-book value ratio stood at 7.87.

The Nifty Auto index was trading 0.07 per cent down at 11842.55.

A total of 9,138 shares changed hands on the counter till 10:25AM (IST)

“I do not see a case for a significant correction from the current price point. The risk to the earning is not very high at this point of time and even if one gets an earning growth of 12-14% for next year, the market would be quite happy to go with that kind of a number.”

Minda Industries Ltd., incorporated in the year 1992, is a Mid Cap company (having a market cap of Rs 27168.13 Crore) operating in Auto Ancillaries sector.

On the technical charts, the 200-day moving average of the stock stood at Rs 4531.59.

Promoters held 0.0 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 13.34 per cent and 15.31 per cent, respectively.

Stocks that were in focus included names like Jamna Auto Industries which rose nearly 3 per cent to hit a fresh 52-week high, Biocon which fell nearly 2 per cent to hit a 52-week low, and Reliance Industrial Infrastructure which rose over 13 per cent.

“The auto space is looking very good, particularly from the perspective that costs are coming off. We are seeing commodities crashing down and yes there is going to be a huge benefit on their EBITDA going forward. So, I remain very bullish on Mahindra & Mahindra, Maruti and TVS from here.”

“ Once we take a medium term outlook, the whole FMCG sector and also the consumer durable sector – the whole consumer space and even auto look good. So the durable, non-durables and automobile offer a good medium term investment opportunity. The reasons for that are one, the overall commodity price correction that has happened both in the metals as well as the agri commodities. ”