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Shares of Minda Corporation, an auto-component maker, rose 3.5 per cent on the BSE on Tuesday after it said that it has secured a Rs 750 crore order for production of battery chargers for electric vehicles.
The company did not disclose the name of the original equipment manufacturer (OEM) which has placed the order. Minda Corporation is the flagship company of Spark Minda, which was part of the erstwhile Minda Group.
During the previous financial year, electric vehicles accounted for nearly 20 per cent of Minda Corporation's total orders. "This project will further solidify Spark Minda’s stewardship towards green and connected mobility and underlines company’s position as forward-looking, future-ready organization, dedicated to revolutionizing the automotive sector through innovation and technological excellence," the company said in a statement.
Spark Minda makes electronic and mechanical components for auto OEMs that cater to two and three wheelers, passenger vehicles, commercial vehicles, off-road vehicles, and after-market.
