Shares of PG Electroplast Ltd soared by over 15 per cent during Tuesday's trading session, touching a 52-week high.
The stock opened at Rs 652.95 on the National Stock Exchange (NSE) and surged to an intraday peak of Rs 718.35.
By 12:51 PM IST, the shares were trading at Rs 683.60, a 9.5 per cent increase compared to the previous close.
Share performance |
The company's market capitalisation stood at Rs 17,820 crore, as of now. .
About the Partnership
The surge in PG Electroplast's share price follows the announcement of its foray into electric vehicle assembly and lithium-ion battery production.
Through its wholly owned subsidiary, PG Technoplast Pvt. Ltd., the company has signed a definitive agreement with Spiro Mobility to manufacture Spiro's EVs exclusively in India.
According to the regulatory filing, PG Technoplast will be responsible for setting up and managing manufacturing facilities for EVs and batteries, along with sourcing raw materials and parts. Spiro Mobility, on the other hand, will handle research and development, marketing, and distribution of the EV products.
Vishal Gupta, Managing Director (Finance), PG Electroplast Limited (PGEL) said, “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.”
Kaushik Burman, CEO of Spiro Mobility Said “Spiro is Africa’s largest EV player and we are excited to partner with PG Technoplast Pvt. Ltd. for manufacturing the EVs and Lithium-Ion Batteries. The great execution track record, coupled with management's professionalism and execution focus, inspires confidence that the association of PG and Spiro will bring mutual success to each other and expand the EV space in emerging markets further”.
