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In the past eight months, it has more-than-doubled or zoomed 203 per cent from Rs 116.05, which it had touched on May 12, 2022
Since July, most of the auto ancillary stocks have geared up with a resolute strength and continue to rally smartly seeking higher ground.
Shares of Fiem Industries hit a new high at Rs 2,024.95, and have rallied 22% in the past two days after the company reported 54% YoY jump in its consolidated net profit.
The management is cautiously optimistic of growth in Indian markets for automotive components, agricultural machinery and construction equipment
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Thus far in 2022, key raw materials used in automobile manufacturing like steel, iron ore, aluminum, nickel, and rubber have dropped in the range of 16 per cent to 45 per cent.
The company to buy 65.2 per cent stake in lPL Tech Electric Private Limited a startup engaged in manufacturing and sale of electric heavy commercial vehicles.
According to the technical charts, auto ancillary stocks, like Talbros Automotive, Jupiter Wagons and Minda Industries are likely to rise another 15 per cent in the upcoming trading sessions.
The latest gain comes on the back of easing commodity prices and supply chain issues
The revenues are expected to grow 8-10 per cent in 2022-23 on the back of a stable demand and likely easing of supply-chain concerns in the second half of the year, Icra said.
Nomura believes that if new players' vehicles sell well, multiples of incumbent OEMs like Hero MotoCorp and Bajaj Auto may de-rate
Analysts observe ancillaries with high exposure to replacement channel tyre, battery players) have fared relatively better in Q1FY22
The company's management said it expects robust demand to continue in major segment in the export business
With a "Higher High, Higher low" formation, the stock of Pricol has gradually risen to higher levels recently.
MRF hit a fresh 52-week high of Rs 81,000, up 2.4 per cent on the BSE, thus gaining 26 per cent in the past month.
With the "higher high, higher low" formation on the daily chart, Amara Raja Batteries is gradually rising with the support of 50-day moving average (DMA).
ABC Bearings, Automobile Corporation of India, Bharat Gears, Bharat Seats, Minda Industries and Timken India - have hit their respective new highs