Uno Minda at 52-wk high; soars 7% on commissioning EV component plants

The company has also received new orders with annualised peak value of more than Rs 600 crore for EV systems. during the Q1FY24

Shares of Uno Minda rallied 7 per cent to hit a 52-week high of Rs 624.55 on the BSE in Wednesday’s intra-day trade after the company commissioned two new plants for manufacturing of electric vehicle (EV) components and systems. The stock of the auto ancilliary components company surpassed its previous high of Rs 609.80, touched on July 31. It was quoting close to its record high level of Rs 628.70 touched on December 28, 2021.

In an exchange filing today, Uno Mindia said it has recently commissioned a new EV systems plant in Farukhnagar, Haryana under the joint venture with FRIWO AG Germany.
 

This new plant would manufacture On-Board Charger, Off-board charger, Motor Control Unit, DCDC converter, Battery Management System, and many more products catering to two-wheeler and three-wheeler EVs. Supplies from this plant has already started and is expected to further rampup in coming quarters with the beginning of production (SOP) of more orders received.

Uno Minda has further commissioned its second new EV systems plant under subsidiary Uno Minda Buehler Motor Private Limited (UMBM) in Bawal, Haryana. The plant will manufacture traction motors/BLDC motors for EV 2-wheeler and 3-wheeler. UMBM has already received orders from OEMs and is expected to start supplies by Q3FY24.

The company further said it has also received new orders with annualised peak value of more than Rs 600 crore for EV systems during the Q1FY24. The aggregate order book now stands at more than Rs 2,500 crore annualised peak value from EV OEMs comprising of both existing and EV specific products. The company is targeting to achieve Rs 1,500 crore in revenue from EV systems by FY26.

Uno Minda (formerly Minda Industries) is a leading global manufacturer and supplier of proprietary automotive solutions and systems to OEMs as Tier-1. The company is one of the leading manufacturers of automotive switching systems, automotive lighting systems, automotive acoustics systems, automotive seating systems and alloy wheels in India.