 "Uno Minda zooms 18% after deal with Inovance Automotive for e-4W expansion")
Uno Minda shares soar: Shares of Uno Minda rallied as much as 18.09 per cent to hit a fresh 52-week high of Rs 1,018.75 per share on Thursday.
Uno Minda's stock rose following its announcement of a technical licence agreement (TLA) with Suzhou Inovance Automotive Co, Ltd, China.
The agreement involves the manufacture and sale of specific high voltage electric vehicle products for passenger and commercial vehicles in India. These products include charging control units (CCU), EV inverters, EV motors, and next-generation 3-in-1 electric drive systems (e-Axle).
“This partnership will significantly expand Uno Minda's e-4W product portfolio, enabling them to effectively cater to the growing Indian EV market,” the company said in a statement.
"Uno Minda is committed to leading the electric vehicle transformation across all vehicle categories. Similar to our success in e-2W, we are building a strong portfolio for e-4W. We are delighted to partner with lnovance Automotive to strengthen our EV product offerings for e-4W vehicles and accelerate India's transition to a sustainable and electrified future," said Nirmal K Minda, CMD of Uno Minda Group.
Uno Minda Limited, formerly known as Minda Industries Limited, is a renowned global tier-1 supplier of automotive systems and solutions to original equipment manufacturers (OEMs).
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Furthermore, Uno Minda aims to strengthen the partnership by transitioning it into a joint venture, subject to necessary approvals.
Established in 2003, Inovance is a provider of products and solutions in various sectors, including general industry, intelligent elevator, rail transit, and new-energy vehicles (NEVs). Inovance Automotive, a subsidiary specialising in intelligent components and systems for electric and hybrid vehicles, supplies to numerous leading Chinese and global passenger vehicle (PV) and commercial vehicle (CV) OEMs.
“We are excited to collaborate with Uno Minda to expand our footprint in India's burgeoning EV market while developing innovative integrated electric drive units for the next generation of electric and hybrid vehicles,” said Li Juntian, CEO of lnovance Automotive.
Moreover, India's passenger car electric vehicle (EV) market is witnessing rapid growth, with sales nearly doubling in FY24 despite limited model availability. This upward trajectory is anticipated to accelerate further with the introduction of new vehicle models and the participation of global OEMs.
At 10:03 AM, shares of UNO Minda were trading 15.69 per cent higher at Rs 998 per share. By comparison, BSE Sensex was trading 0.54 per cent higher at 74,777 levels.