Shares of this auto-ancillary Stock under the mid-cap category gained up to 7 percent in Wednesday’s trading session after the company commissioned two new EV plants.
With a market capitalization of Rs 35,176 crores, the stocks of UNO Minda Limited had a flat movement during the initial trading hours on Wednesday, but, thereafter, witnessed a sudden jump in stock prices and closed at a price of Rs 613.80 apiece.
The company’s stock witnessed an intra-day high, also marked as the new 52-week high level, of Rs 624.90 representing a gain of approximately 7 percent as compared to the previous closing levels of Rs 584.10 apiece.
Such sudden movements in the share prices are observed after the company, through a regulatory filing with the BSE today, intimated that it commissioned two new plants for the purpose of manufacturing EV components & systems in Farukhnagar, Haryana. The project is a Joint Venture (JV) between UNO Minda and FRIWO AG Germany.
The plant would manufacture on-board and off-board chargers, DCDC converters, management systems, and many more which would cater to the Electric Vehicles (EVs) under the ‘2-wheeler’ and ‘3-wheeler’ categories.
The plant has started the supplies and would gain pace with the help of the start of production (SOP) of orders already received.
The consolidated financials of the company exhibit an increase in basic operational indicators such as revenues and net profits. The revenues rose from Rs 8,313 crores during FY21-22 to Rs 11,236 crores during FY22-23, and, the net profits, during the same time period, increased from Rs 347 crores to Rs 600 crores.
The company’s latest shareholding pattern data portrays the Promoters holding a 70.05 percent stake, and the Foreign Institutional Investors (FIIs) holding a 6.51 percent stake in the company.
UNO Minda Limited is involved in the business of supplying automotive solutions and systems to original equipment manufacturers, i.e., OEMs. The Company manufactures automotive switching systems, acoustics systems, lighting systems, seating systems, and alloy wheels in India.
Written by Amit Madnani
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