Minda Corp shares advance 5% as unit forms JV with UK's Turntide Drives

Shares of Minda Corporation Ltd. rose nearly 5 per cent on Tuesday after its subsidiary signed a joint venture (JV) agreement with Turntide Drives Ltd. to develop and manufacture advanced motor controllers and customised controllers for the EV segment. 

 

The company's stock rose as much as 4.8 per cent during the day to ₹521.6 per share, the biggest intraday gain since February 3 this year. The stock pared gains to trade 2.5 per cent higher at ₹510 apiece, compared to a 0.86 per cent advance in Nifty 50 as of 11:16 AM. 

 

Shares of the company snapped a two-day losing streak and currently trade at 4.5 times the average 30-day trading volume, according to Bloomberg. The counter has fallen 11.2 per cent this year, compared to a 7.6 per cent decline in the benchmark Nifty 50. Minda Corp has a total market capitalisation of ₹12,227.72 crore.  

 

Minda Corp unit forms JV with UK's Turntide Drives 

Minda Corporation said its wholly owned subsidiary Spark Minda Green Mobility Systems Pvt Ltd has signed a joint venture agreement with Turntide Drives Ltd to develop and manufacture components for the electric vehicle segment.

 

The partnership will focus on the development and production of next-generation motor controllers, axial flux motors, pumps for thermal applications, and other customised controllers primarily for India’s growing electric vehicle market. The joint venture will operate through a newly incorporated entity in India, the exchange filing said. 

 

Under the proposed shareholding structure, Spark Minda Green Mobility Systems will hold a 49 per cent stake in the venture, while Turntide Drives will own the remaining 51 per cent. The companies said the collaboration aims to cater to rising demand for advanced electric vehicle technologies in the country.

 

Minda Corp is one of the leading automotive component manufacturing companies in India with a pan-India presence and international footprint.   

 

By combining Turntides globally proven technology with Minda Corp's strong local presence, we aim to deliver advanced, high-quality, and cost-competitive EV powertrain solutions that support India's transition to sustainable mobility, Ashok Minda, chairman and Group CEO of Minda Corp, said. "This will result in meeting Make in India objectives and enhance the resilience of the domestic supply chain of the EV ecosystem."

 

Revenue stood at ₹1,560.29 crore, marking a 1.62 per cent increase on a quarter-on-quarter (Q-o-Q) basis from ₹1,535.36 crore. Net profit came in at ₹84.27 crore, down 0.44 per cent sequentially from ₹84.64 crore.