Shares of PG Electroplast Ltd skyrocketed 15% and hit a 52-week high of Rs on Tuesday, 19 November, after the company announced that its wholly-owned subsidiary, PG Technoplast, inked a final agreement with Spiro Mobility for the manufacturing of Spiro Mobility’s (Spiro) electric vehicles (EVs) in India.

According to the corporation, PG Technoplast’s main duties will be to establish and oversee the production facilities for electric vehicles, lithium-ion batteries, and associated parts, as well as acquire the parts and raw materials for these products as directed by Spiro.

Research and development, marketing, sales, and distribution of PG Technoplast’s EV goods will fall under Spiro’s purview.

Vishal Gupta, Managing Director (Finance), PG Electroplast, said, “The company’s entry into EV and lithium-ion batteries manufacturing opens up a new horizon of growth for the company and with Partner like Spiro, the company is confident that this association will go a long way and become a sizeable player in the EV market in India.”

The PG Electroplast board authorised the Qualified Institutions Placement to issue equity shares or other convertible securities up to Rs 1,500 crore in October.

At 11:57 am, the shares of PG Electroplast were trading 10.04% higher at Rs 687 on NSE. 

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