Shares of Uno Minda Ltd skyrocketed 19% and hit a 52-week high of Rs 1,025 on 6 June after the company signed a deal with China’s Inovance Automotive to boost the electric four-wheeler product portfolio. 

In its regulatory filing, the company said that this deal will significantly expand its electric four-wheeler product portfolio to help cater to the growing Indian EV market. 

The filing added, “Uno Minda aims to further strengthen the partnership by transitioning it into a joint venture, subject to necessary approvals.” 

The selected electric vehicle products include Charging Control Units (CCU), EV inverters, EV motors, and next-generation 3-in-1 electric drive systems (e-Axle).

The management said, “The company is committed to leading the electric vehicle transformation across all vehicle categories. Similar to our success in e-2W, we are building a strong portfolio for e-4W.”

In its quarterly earnings for January-March, the company reported a 59% year-on-year increase to Rs 289.1 crore for the quarter under review from Rs 182.6 crore reported in the corresponding quarter of the previous fiscal year. 

The revenue from operations of the company during the quarter stood at Rs 3,794 crore, marking a 31.3% YoY increase from Rs 2,889 crore reported in the same quarter of the previous fiscal year. 

At 12:08 pm, the shares of Uno Minda were trading 14.77% higher at Rs 988.20 on NSE.