PG Electroplast share price touched 52-week high of Rs 718.35 in the opening trade on November 19 after the company through its wholly owned subsidiary PG Technoplast has signed a definitive agreement with Spiro Mobility for manufacturing of the EVs of Spiro Mobility (Spiro) in India.
At 09:31am, PG Electroplast was quoting at Rs 683.80, up Rs 59.15, or 9.47 percent, on the BSE.
The primary responsibility of PG Technoplast will be setting up and managing the manufacturing facilities for electric vehicle, lithium-ion batteries and related components and for procurement of parts and raw materials for the same as specified by Spiro, company said.
Spiro shall be responsible for research and development, marketing, sale, and distribution of the EV products manufactured by PG Technoplast
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"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,” said Vishal Gupta, Managing Director (Finance), PG Electroplast.
In October, the board of PG Electroplast approved the issuance of equity shares or other convertible securities worth up to Rs 1,500 crore via Qualified Institutions Placement.
The company had reported marginal fall in its September quarter (Q2FY25) net profit at Rs 19.56 crore from Rs 19.69 crore in September 2023.
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