The shares of leading automotive solutions providers gained up to 19 percent after the company came into partnership with Inovance Automotive to strengthen its e-4w product portfolio.
With a market capitalization of Rs 56,569.43 crore, the shares of UNO Minda Ltd were trading at Rs 987.80 per share, which increased drastically by around 14.51 percent, as compared to the previous closing price of Rs 862.65 apiece.
Today, the company shares have seen such a positive movement after UNO Minda Ltd announced that the company has entered into a technical license agreement with Suzhou Inovance Automotive Co. Ltd for the manufacture and sale of select high voltage category electric vehicle products for passenger vehicles and commercial vehicle in India.
Furthermore, the select electric vehicle products include charging control units, EV inverter, EV motors, and next-generation 3 in 1 electric drive systems. This partnership will significantly expand Uno Minda’s e-4W product portfolio, enabling them to effectively cater to the growing Indian EV market.
Looking into the company’s financial performance, revenue increased significantly by 31 percent from Rs 2,889 crore in Q4FY23 to Rs 3,794 crore in Q4FY24 but during the same period, net profit increased by 56 percent from Rs 194 crore to Rs 302 crore.
UNO Minda produces and provides over 20 types of automotive components and systems to major Indian and international OEMs in India, Asia, South and North America, and Europe.
The company is a global player in the automotive sector with overseas manufacturing facilities in Indonesia, Vietnam, Spain, and Mexico, as well as R&D Centres in India, Germany & Spain.
Moreover, UNO Minda has over 74 manufacturing plants globally and has JVs/Technical Agreements with world-renowned manufacturers from Germany, Korea, China, Japan, etc.
Uno Minda Limited manufactures and supplies patented automotive solutions and systems to original equipment manufacturers at the tier-1 level. The company’s product segments include switches, sensors, controllers, lighting, acoustic, alloy wheels, seats, aftermarket, casting, and ADAS.
Written by-: Abhishek Singh.
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