UNO Minda’s share price has seen a spectacular rise of around 70% so far this year, and this month alone, UNO Minda’s share price has risen by around 11%.

The auto accessories company focuses on manufacturing automotive components such as lighting, alloy wheels, horns, seating systems, seat belts, switches, sensors, controllers, handlebar assemblies and hubcaps. The company serves the domestic and international two-wheeler and four-wheeler market. The auto accessories company’s stock has been attracting attention due to several recent news items.

UNO Minda recently announced the appointment of Ramesh KS as Chief Executive Officer (CEO) for its ECS-2 division. His tenure will begin on August 17, 2024. Ramesh’s immediate supervisor will be Nirmal Kumar Minda, who serves as Chairman and Managing Director of UNO Minda Group. Prior to joining UNO Minda, Ramesh was employed as Senior Vice President at Ather Energy.

The auto components manufacturer announced a 17% increase in consolidated profit after tax for the first quarter ended June 30, 2024, reaching ₹210.8 crore. In the same quarter last year, Uno Minda reported a consolidated profit after tax of ₹180.17 crore in a government filing.

It was also noted that compared to the same period last year, when ₹3,092.66 Crore, the consolidated operating profit for the first quarter was ₹3,817.51 ​​Crore. The company announced that the construction of a new factory for manufacturing sunroofs at Bawal has received board approval for an investment of ₹62.69 Crore. The plant is expected to begin commercial production by the fourth quarter of fiscal 2027.

In a recent report, Elara Capital reiterated its buy rating and increased the price target to ₹1,200 from ₹1,168. The report highlighted the company’s consistent outperformance in 2W and PV production, with revenue growth of 23% in the first quarter compared to PV production growth of 6% and 20% for 2W. In addition, the report pointed to the recent technical licensing agreements with Inovance for high-value EV components and AISIN for sunroofs, demonstrating UNOMNDA’s focus on diversifying into new products such as EVs and powertrain-agnostic products, while driving incremental value growth of the kits.

UNO Minda share price

UNO Minda’s share price opened today with an intraday high of ₹1,163.05 per piece on the BSE. According to Ruchit Jain, Senior Research Analyst at 5paisa, UNO Minda share price seems to have resumed its uptrend after the recent correction phase. The RSI oscillator is suggesting positive momentum and hence the outlook for the stock is positive. The immediate support is around 40 DEMA at ₹1,025, while it is moving towards ₹1,290.

“Every decline is met with buying interest and we expect this uptrend to continue. The next resistance level is at ₹1,250, with support from ₹1,110,” said Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One.

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