Uno Minda shares surge 12% to hit record high

The rise in Uno Minda shares looks to be continuing, after 15 months of upward momentum with no major declines. In today’s trade, the stock prices continued their bull run, setting a new all-time high of ₹1,188 each with a 12.60% intraday gain.

Goldman Sachs, a major brokerage company, began coverage on the stock with a ‘buy’ rating and set a target price of ₹1,350 per share, which triggered the most recent rise in share prices. It highlighted Uno Minda’s strong position in the Indian auto components company as a significant reason for its optimistic outlook.

According to the brokerage company, localization in high-margin areas will boost the visibility of profit growth. It added that the early E2W product line represented optional kit value.

“More room to run in 4W lighting and 2W alloy wheels. The high multiplier on industry volume growth + stable margin profile,” the brokerage firm added.

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