Remsons Industries was locked in an upper circuit of 5% at Rs 942.45 after the firm announced the establishment of a 50:50 joint venture (JV) with Daiichi to redefine the landscape of automotive electronics.
Daiichi, headquartered in Istanbul, Turkey, with over 3.50 lakh sq. ft for manufacturing, operates with a strong team of 1500+ employees at technical centres, manufacturing sites and customer support services globally.The JV will focus on developing advanced electronics solutions tailored to meet the demands of next-generation vehicles, including infotainment systems, digital clusters, rear view cameras, USB chargers, shark fin antennas, AVAS system, DMS.
The company stated that through a collaborative approach that prioritizes innovation, reliability, and sustainability, it aims to empower automakers with the tools they need to drive progress and enhance the driving experience for Indian markets.
Remsons Industries is manufacturing automotive control cables, flexible shafts, push pull cables and gear shifter assembly.
The company reported 66.3% jump in consolidated net profit to Rs 3.41 crore on 8.77% rise in revenue from operations to Rs 82.22 crore in Q3 FY24 over Q3 FY23.
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