Panache Digilife was locked in 10% upper circuit at Rs 81.25 after the company announced the signing of a manufacture and supply agreement with Revamp Moto for their modular electric vehicles (EV) in the Indian market.
Revamp Moto is a Nashik based start-up engaged in development of electric vehicles based on its modular utility platforms intending for accelerating the transition to a zero-emission society.
With this association, each party will be focusing on building their own strengths with Revamp Moto working on new product development (NPD), research and development (R&D), new technologies, and generating IPs.
Panache will focus on product assembly, process optimisation, and indigenisation of components which makes it foray in the Indian EV market.
This alliance will help both Revamp and Panache focus on their specific domains to indigenise EV manufacturing and assembly of these products which would not just bring a great deal of transparency but would also speed up the process significantly.
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Amit Rambhia, chairman and managing director, Panache Digilife, said, Revamp Moto's bold and innovative approach to designing and building electric vehicles that have yet to be seen before in the country make them the ideal partner for Panache.
With this association, Panache makes its entry into the world of electric mobility and also advances our expertise in providing contract manufacturing solutions. We are delighted to be working with Revamp Moto and will look to combine our efforts to shape the future of mobility not just in India but with products that are 'Made in India'.
Panache Digilife is an NSE-listed ICT and IoT devices design, manufacturing, distribution and services company. Panache offers solutions around smart computing devices, wmart & AI-based digital classrooms, smart asset management, retail IoT, healthy living solutions, AV display and pen display solutions and other contract manufacturing OEM/ODM.
The company reported a consolidated net profit of Rs 0.08 crore in the quarter ended June 2022 as against net loss of Rs 0.43 crore during the previous quarter ended June 2021. Sales rose 79.21% to Rs 29.14 crore in Q2 FY23 over Q2 FY22.
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