Uno Minda share price flies to a new high as the winning streak continues for the second day
₹995.30 apiece on BSE, the stock touched an intraday high of ₹1,064.85, and an intraday low of ₹981.30. On Thursday, Uno Minda's share price shot up by 19% in the intraday session, setting a new lifetime high of ₹1,025, exceeding the ₹1,000-mark for the first time.
Furthermore, Thursday's intraday high is the stock's greatest advance in the last eight years. In two sessions, Uno Minda share price has climbed about 24%.
The rally came after the company announced on Wednesday that it had entered into a Technical License Agreement (TLA) with Suzhou Inovance Automotive Co., Ltd. in China.
This agreement would allow Uno Minda to manufacture and distribute certain high-voltage electric vehicle products for both passenger and commercial vehicles in India.The deal allows the firm to manufacture combination charging units (CCU), e-axles, inverters, and motors. The corporation will pay a royalty on sales in exchange for the technology.The business thinks that this collaboration will greatly broaden its e-4W product line, allowing it to better service the expanding Indian EV market.Meanwhile, its EV product line for 2W and 3W comprises Battery Management Systems (BMS), on-board chargers, off-board chargers, RCD cables, body control modules, smart plugs, telematics, and Acoustic Vehicle Alert Systems (AVAS).The firm is stepping up its attention on the EV industry, as indicated by a growth in its EV order book to ₹38 billion in Q4 FY24, up from ₹33 billion the previous quarter."Auto component maker Uno Minda is in action mainly on the back of inking a deal with a Chinese company to boost the electric four-wheeler product portfolio and enabling the company to effectively cater to the fastest growing Indian EV market.
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