Minda Industries rejoices; will replace Sterlite Tech in BSE 500 index

Delhi based Minda industries which manufactures switches, lamps and horns for automobiles has something to cheer. The small cap company will soon become major as the company would be identified as a BSE 500 stock. Minda Industries is all set to replace Sterlite Tech, on BSE 500 index on June 15. 

Sterlite Technologies Ltd. is an Indian manufacturer of optical fibers, telecommunication cables and power transmission conductors and exports optical fiber to overseas markets in China, Europe and South East Asia.

The shares of Sterlite Technologies as on 9.20 am have opened in red and are trading at Rs 96.00, which is down by 0.98 per cent. The shares' 52-week high/low stand at Rs 109.90/63.50. Sterlite Tech has posted a strong bottom line in Q4FY16.Company’s standalone net profits stand at Rs. 51.90 crore for the quarter ended March 31, 2016, registering a growth of 32.63 per cent (YoY) and 25.7 per cent (QoQ). The company’s standalone revenue stands at Rs. 575.59 crore, down 41.21 per cent (YoY) but is up 6.56 per cent (QoQ).

On the other hand, the stocks of Minda Industries have opened in green and are trading at Rs 1185.50, up by 1.33 per cent as at 9.38 am. The stocks over the period of one month are up by 11 per cent. The 52 week high/low of the stock stands at Rs 1249/475.

The company’s net profit has surged to Rs 222.73 crore in Q4FY16 as against Rs 2.36 crore a year ago. Minda has a market cap of around 1,887.98 crores. Earnings per share of the firm are also impressive at 14.02, and has increased by 17 per cent as compared to the adjacent Q3FY16 results.