Minda Inds at a new high

Minda Industries hit a new 52-week high today at Rs.998.75 and currently remains firmly entrenched in the green, up 16.5% at Rs.983 levels.

The market is enthused with its acquisition of Spanish company, Rinder group’s global lighting business for over Rs.145 crore. This buy includes 100% equity holding in Rinder India, Spain-based Light Systems and Technical Center, along with 50% stake in Rinder Riducu, Colombia.

The deal is to be financed through internal accruals and the debts.

The company is hopeful that with this acquisition, Minda Industries will be established as a technology leader in lighting solutions and will further augment the R&D Capabilities of the company. With this acquisition the company is hoping that its lighting business will have turnover in excess of Rs 700 crore, which is currently around Rs 300 crore.