Shares of Minda Corporation gained over 2 percent after the flagship company of Spark Minda announced the signing of a technology licensing agreement with China's Sanco Connecting Technology, a leader in Electric Vehicle (EV) connection systems.
This agreement will enhance the product portfolio offering of Minda Corporation in the growing EV industry in the areas of Electrical Distribution Systems (EDS), the company said in a regulatory filing.
Under this agreement, Minda Corporation & Sanco will locally develop EV connecting systems, charging gun assemblies with sockets and accessories, bus bars, cell contact systems, Power Distribution Units (PDU) and Battery Distribution Units (BDU).
"The partnership is a significant step enabling us to design, develop and manufacture advanced EDS solutions locally for the EV customers in India. This will also strengthen the vertical integration capabilities of Minda Corporation’s Wiring Harness Division, reinforcing its position as a key player in the EV Supply chain ecosystem," Minda Corp said.
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Minda Corporation is an automotive component manufacturing company in India with a pan-India presence and a significant international footprint. The company has a product portfolio that encompasses mechatronics; information and connected systems and plastic and interior for auto OEMs.
These products cater to 2/3 wheelers, passenger vehicles, commercial vehicles, off-roaders and after-market. It has a customer base including Indian and global original equipment manufacturers and Tier-1 customers.
At 11:32 am, Minda Corporation shares were trading 2 percent higher at Rs 585.35 on the National Stock Exchange (NSE). The stock has gained around 52 percent so far this year, underperforming Nifty's returns of 15 percent. In the past 12 months, the counter has risen 66 percent. In comparison, Nifty rose 28 percent during this period.
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