Goldstone Technologies shares were locked at a 5% cap of Rs 58.95 on the morning of April 24 after the company said it would form a joint venture (JV) with German electric vehicle giant Quantron AG.

“The joint venture will operate in Augsburg, Germany and Hyderabad, with plans to establish a US entity in the third quarter of 2023,” the company said in a bourse filing.

As the development partner, Goldstone Technologies will provide the software and manage the custom platform integration. The company added that Quantron would leverage the digital platform as an enabler for its customers’ 360° ecosystem.

The joint venture will focus on providing various solutions through an artificial intelligence (AI)-powered platform. The addressable market size will reach €15-250 billion by 2030, enabling OEM-agnostic Mobility-as-a-Service (MaaS) solutions. The target markets are Europe, the US, India and the Middle East, with Quantron and ETO Motors being the first customers.

Goldstone Technologies, specialising in full-stack business intelligence, data analytics, artificial intelligence and platform development, said the parties plan to invest more than €20 million in these platforms over the next 36 months.

In the December quarter, the company reported a 64% rise in net sales to Rs 27.45 crore, while net profit jumped 1,266% to Rs 0.51 crore. The stock is up nearly 20% in the past month and has soared more than 480% over the past three years.