Uno Minda shares were flat at Rs 594.55 at 9.23 am after promoter Nirmal K Minda sold a 1.2% stake in the company on August 25.
Nirmal K Minda sold 7,446,215 Uno Minda shares in a bulk deal at a price of Rs 602.02 per share. As of June 30, Nirmal K Minda had a 22.54 percent stake in the auto component industry. The buyers in the deal are not yet known.
On August 25th, CNBC-TV18 reported that the Uno Minda promoters were looking to sell some of their shareholding in the company. On that day, 89 lakh Uno Minda shares were traded, which was eight times more than the company's monthly average.
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Uno Minda shares have given 13 percent returns since January 1, and 5 percent returns in the last one year.
The company has commissioned a new plant in Haryana to manufacture EV components in partnership with FRIWO AG Germany. The plant will produce a range of products including on-board and off-board chargers, motor control units, and battery management systems for both two- and three-wheeled electric vehicles.
Also Read | Uno Minda zips to 52-week high on commissioning of 2 EV plants
The auto component’s net profit increased 20 percent Year-on-Year (YoY) to Rs 180 crore in the April-to-June quarter. Revenue rose 21 percent YoY to Rs 2093 crore in the same period.
Uno Minda manufactures automotive switching systems, automotive lighting systems, automotive acoustics systems, automotive seating systems and alloy wheels.
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