Minda Industries share price falls 4% on weak Q1 earnings

Share of Minda Industries slipped 4% in Monday session after the company posted weak earnings for the quarter ended June 2020. Meanwhile, the company's rights issue opened today and the submission of application would continue till September 8, 2020.

In last quarter (Q1FY21), the company reported a loss of Rs 118.74 crore against a profit of Rs 56.43 crore in the corresponding quarter last year. Company's consolidated net revenue from operations fell 71.03% to Rs 417.11 crore against Rs 1,439.75 crore in Q1FY20.

Following the updates, Minda Industries stock opened at Rs 339.70 and touched an intraday low of Rs 326.5, falling 4.39% on BSE.

Minda Industries shares had closed 0.25% higher at Rs 341.5 on Friday. Minda Industries share stands higher than 5, 20, 50, 100 and 200-day moving averages.

Minda Industries stock has risen 20% in one week, 15% in one month and 10% in a year's period. Market capitalisation of the firm stood at Rs 9,267 crore as of today's session.

Earnings before interest, tax, depreciation and amortisation (EBITDA) loss stood at Rs 80.86 crore in the quarter as compared to Rs 614 crore in the same quarter of the previous financial year.

Through the rights Issue, the company plans to issue 97,11,739 fully paid equity share of the face value of Rs 2 each for an amount aggregating to Rs 250 crore.

The company has fixed the issue price at Rs 250 per equity share.

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