Whirlpool, PG Electroplast shares climb up to 5% on Dec 24; Here's why

The rally in these shares was sparked after the companies signed a Definitive Agreement, for contract manufacturing of select models of Whirlpool branded semi-automatic Washing Machines

Whirlpool of India, PG Electroplast shares in focus: Shares of Whirlpool of India and PG Electroplast were in demand on Tuesday, December 24, 2024.

 

Whirlpool of India jumped up to 3.55 per cent to hit an intraday high of Rs 1,915.80 per share, while PG Electroplast soared up to 5.05 per cent to hit an intraday high of Rs 1,002 apiece. 

 

The rally in Whirlpool of India and PG Electroplast shares was sparked after the companies signed a Definitive Agreement, for contract manufacturing of select models of Whirlpool branded semi-automatic Washing Machines. 

 

Vikas Gupta, managing director (operations) of PG Electroplast said, “We are pleased to deepen our relationship with Whirlpool. As a leading home appliance manufacturer in India, Whirlpool is renowned for their industry-leading products. With this association we aim to unlock new opportunities for growth and help Whirlpool deliver exceptional value to its customers while setting new benchmarks in efficiency." 

 

 

Under the arrangement, PGEL will manufacture some of the stock keeping units (SKUs) for Whirlpool at its factory at Roorkee. PGEL is already an existing supplier of Whirlpool branded Air Conditioners and both companies will continue to evaluate the potential expansion opportunities according to the statement released by the two companies.

 

“We are excited to announce that Whirlpool has tied up with PG Electroplast to manufacture certain SKUs of its semi-automatic washing machines. With Whirlpool’s exceptional designs and technology and PGEL’s manufacturing expertise, today’s announcement rearms our commitment to the Government’s ‘Make in India’ initiative and providing best in class products to our consumers at an affordable price point,” said Narasimhan Eswar, managing director of Whirlpool of India.

 

About Whirlpool of India, PG Electroplast

 

Whirlpool of India Limited, based in Gurugram, is a prominent name in the Indian home appliances industry. As a leading manufacturer and marketer, the company operates three advanced manufacturing facilities located in Faridabad, Puducherry, and Pune. The state-of-the-art facilities reflect Whirlpool's commitment to delivering innovative and high-quality solutions to its consumers. 

 

On the other hand, PG Electroplast is a renowned provider of Electronic Manufacturing Services (EMS) and contract manufacturing solutions for leading consumer durable and electronics brands in India. 

 

With extensive capabilities in Plastic Injection molding and a comprehensive value chain for Original Equipment Manufacturing (OEM) and Original Design Manufacturing (ODM), the company produces products like Room Air Conditioners, Washing Machines, Air Coolers, and LED TVs.

 

At 10:04 AM, Whirlpool of India shares were trading 2.25 per cent higher at Rs 1,891.75, while PG Electroplast shares were trading 2.23 per cent higher at Rs 975.05 apiece. In comparison, BSE Sensex was trading 0.20 per cent higher at 78,695.62 levels.