ICICI Direct has given Buy recommendation for Minda Corporation recommended buy rating on the stock with a target price of Rs 160 in its research repor with a target price of Rs. 160 in its research report issued on Sep 15, 2021

ICICI Direct’s research report on Minda Corporation

Minda Corporation (MCL) primarily serves domestic auto OEMs across two main verticals – mechatronics & aftermarket (MCH – safety & security, diecasting, starter motors, etc.) and information & connected systems (ICS – mainly wiring harnesses).

Outlook

We value the company at a revised target price of Rs 160 i.e. 20x P/E on FY23E EPS (earlier target price Rs 120).

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