Uno Minda shares surge over 4.5% on electric vehicle supply equipment deal
Uno Minda, a global Tier-1 supplier of proprietary automotive systems and solutions to original equipment manufacturers, witnessed a 4.6% surge in its shares in today's early trading, reaching ₹679 per share. This uptick follows the company's recent announcement of a strategic partnership. According to a regulatory filing made by the company on Friday, Uno Minda has entered into a Technical License Agreement (TLA) with Starcharge Energy Pte.
Ltd (StarCharge) for the manufacturing and sale of electric vehicle supply equipment (EVSE) in India. Also Read: Ashok Leyland share price gains 2% on announcement of interim dividend of ₹4.95 per share "The EVSE comprises of wall-mounted AC chargers designed for convenient home charging. These chargers are usually sold along with electric vehicles to customers by OEMs to provide ease of charging at home.
With this partnership, Uno Minda further builds up on its EV-specific product portfolio for the passenger car market," the company said. With the surge in demand for electric vehicles, efficient and reliable EV charging solutions are becoming increasingly essential. Currently, limited public charging infrastructure poses a challenge to EV adoption, with issues such as cost, speed, and waiting times at public charging stations being notable concerns.
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