Shares of PG Electroplast Limited gained over 5 percent to Rs 1,002 in the morning trade on December 24 after the company announced an expanded partnership with Whirlpool of India Limited for the contract manufacturing of semi-automatic washing machines.
Under the definitive agreement, PG Electroplast will produce select SKUs of Whirlpool-branded semi-automatic washing machines at its Roorkee facility in Uttarakhand, it said in a regulatory filing. This builds on the existing relationship between the two companies, with PGEL already supplying Whirlpool-branded air conditioners. The collaboration also leaves room for future growth opportunities.
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Vikas Gupta, Managing Director (Operations) of PG Electroplast, expressed optimism about the deal, stating, "We are pleased to deepen our relationship with Whirlpool. As a leading home appliance manufacturer in India, Whirlpool is renowned for its industry-leading products.”
"With Whirlpool’s exceptional designs and technology and PGEL’s manufacturing expertise, today’s announcement reaffirms our commitment to the Government’s ‘Make in India’ initiative and providing best in class products to our consumers at an affordable price point," the Whirpool of India management said.
Electronics manufacturing services provider PG Electroplast reported Q2 net profit of Rs 19.47 crore, a robust 57 percent year-over-year jump from Rs 12.39 crore in the previous corresponding quarter. PG Electroplast reported operating revenues of Rs 671.30 crore for the second quarter, clocking a 45.8 percent growth from the same quarter previous fiscal.
At about 9:45 am, shares of PG Electroplast were trading at Rs 985, higher by 3.6 percent from the last close on the NSE. PG Electroplast shares have rallied a staggering 316 percent since the start of the year.
Meanwhile, Whirlpool of India shares jumped 3 percent to Rs 1,900. The stock is up 40 percent since the start of the year.
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