Exicom Tele Systems locks in 5% upper circuit on pact to expand EV charging

Shares of Exicom Tele Systems were locked in 5 per cent upper circuit at Rs 250.25 a piece on the BSE in Wednesday’s intraday trade. Exicom Tele Systems share price surged after the company on Tuesday announced the signing of a Memorandum of Understanding (MoU) with Mufin Green Infra Limited, a provider of turnkey project solutions for EV charging infrastructure. 

 

The MoU pertains to creation of EV charging solutions including installation of EV chargers & setting up of EV charging infrastructure. The collaboration will target customers like Charge Point Operators, bus operators, state utilities, and other end-users to accelerate EV adoption with charging solutions. 

 

 

Mufin Green Infra Limited is a provider of EV Charging infrastructure and is a part of Mufin green finance, which is a leading player in green financing solutions in India. 

 

Under the MoU, Exicom will manufacture and supply EV charging hardware in compliance with industry standards, future ready specifications to support the EV ecosystem. The hardware will be equipped with Exicom’s proprietary software, designed with emphasis on efficiency and convenience. Exicom will provide technical support, maintenance service, warranty coverage as well as provide digital solutions. 

 

“Both Exicom and Mufin Green Infra Limited will leverage their present and new customers for the success of the collaboration. Furthermore, as a strategic partner of Exicom, Mufin Green Infra Limited will be installing EV charging stations & Buses /Fleet charging hubs as per customer requirements. They will also onboard new B2B customers to develop state of the art EV charging infrastructure while ensuring compliance with regulatory guidelines for environmental, electrical and safety requirements,” the company said in a statement on Tuesday. 

 

The company has a total market capitalisation of Rs 3,023.63 . Its shares are trading at a price to earnings multiple of 42.92 times and at an earning per share of Rs 5.83. 

 

At 9:52 AM, the stock price of the company was locked in the 5 per cent upper circuit at Rs 250.25 a piece on the BSE. By comparison, the BSE’s Sensex was down 0.37 per cent to 77,906.89 level.

 

Exicom is an Indian EV charging and critical power solutions manufacturer, present across the entire EV charger value chain with a host of products across both AC & DC charger segments.