 "Minda Corp, charging solutions")
Minda Corporation shares rose 2.6 per cent and touched an intraday high of Rs 589 on BSE in Wednesday's trade. The stock gained after the company signed a Technology Licensing Agreement with China-based auto equipment manufacturer Sanco.
As of 1 PM, shares of Minda Corp were up 0.31 per cent or Rs 1.75 at Rs 572.6 per share. The market capitalisation of the company at around the same time stood at Rs 13,689.69 crore.
"Minda Corporation Limited, the flagship company of Spark Minda, has announced the signing of a Technology Licensing Agreement with Sanco Connecting Technology, China," the company's exchange filing stated.
As per the filing, the agreement will enhance the product portfolio offering of Minda Corp in the growing electric vehicles (EV) industry in the area of electrical distribution systems (EDS).
Under this agreement, Minda Corp and Sanco plan to locally develop EV connecting systems, charging gun assemblies with sockets and accessories, bus bars, cell contact systems, power distribution units (PDU), and battery distribution units (BDU).
"This collaboration will significantly boost Sanco’s presence in India’s expanding EV market. By leveraging Minda Corporation’s strong relationships with global automakers and extensive local production and engineering capabilities, we aim to deliver world-class, technology-backed solutions to Indian OEMs,” said Zhijian Zeng, Chairman of Sanco Connecting Technology (Guangdong) Co., Ltd.
Minda Corp Q1FY25
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Minda Corp reported a 42 per cent increase in consolidated net profit at Rs 64 crore in the first quarter ended June 2024. The company had posted a consolidated net profit of Rs 45 crore in the corresponding quarter last year.
The company had reported consolidated revenue of Rs 1,192 crore in the first quarter, compared to Rs 1,075 crore in the year-ago period, on the back of a robust product portfolio, an expanding customer base, and a focus on product premiumisation.
During the quarter, the company recorded earnings before interest, tax, depreciation and amortisation (Ebitda) of Rs 132 crore, with an Ebitda margin of 11.1 per cent.
Minda Corp Ltd share price history
In the past one year, shares of Minda Corp have lost 62.2 per cent, compared to the BSE Sensex's rise of 26.2 per cent during the same period.
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