UNO Minda rose 1.54% to Rs 548.10 after the company said that it has entered into technical license agreement with Asentec Co Ltd. (Asentec) of Korea to design, develop, manufacture and market wheel speed sensors in India.
Asentec, a subsidiary of Sejong Industrial, specialises in mobility parts centered on sensors and actuators with manufacturing facilities in Korea, Vietnam and China. Asentec is leading suppliers to OEMs in Korea and international market.
Uno Minda had set up separate division for automotive sensors few years back considering the rising demand of the evolving technology in Sensor space.
The sensor division has come a long way since its inception with manufacturing of engine and exhaust sensors, transmission& suspension sensors and active safety and comfort sensors among others.
"The current partnership with Asentec will further strengthen its advance sensors product portfolio," the company said in a statement.
Uno Minda (formerly Minda Industries) is a leading global supplier of proprietary automotive solutions and systems to OEMs as Tier-1. It is one of the leading manufacturers of automotive switching systems, automotive lighting systems, automotive acoustics systems, automotive seating systems and alloy wheels in India.
The company's consolidated net profit rose 79.60% to Rs 170.12 crore on a 36.09% increase in sales to Rs 2,876.84 crore in Q2 FY23 over Q2 FY22.
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