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Minda Corp. is a leading auto component company with good track record. The increased emphasis of auto companies for higher safety standards, infotainment and superior interiors benefits the company through higher content per vehicle. The transition to BSVI has increased value of components particularly in the wiring harness supplied for 2 wheelers, however, margins may be lower due to lag time for local substitution of high import content. Export opportunities may open up as OEMs seek non Chinese suppliers. Despite good track record and steady long term prospects, we have an neutral weight rating due to poor near term performance due to Covid-19 pandemic from which the industry is gradually recovering – 19-08-2020 Price: 77.05 Rating: Neutral Weight Recommendation: Hold

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