Uno Minda Ltd. has announced that it has entered into a technical licence agreement with Starcharge Energy Pte to manufacture and sell EV-supply equipment in India.
EVSE comprises wall-mounted AC chargers for home charging. These will be sold along with electric vehicles to the customers by carmakers. It extends the EV-specific portfolio of Uno Minda to the passenger cars market.
Star Charge is a global leader in EV charging infrastructure with manufacturing facilities in US, Vietnam, and China. The company is at the forefront of providing cutting-edge charging solutions for diverse applications, ranging from private homeowners to commercial charging to electric fleet usage.
Star Charge has been a strategic partner of over 60 well-known original equipment manufacturers and multiple renowned energy companies globally.
Analyst Calls
Nomura Research said Uno Minda has a strong track record of scaling up new segments as seen previously with its entry in alloy wheels, sensors and lights.
The company already has a strong EV two-wheeler portfolio with a Rs 35,000 kit value and this agreement expands capability to the electric passenger car segment. The agreement will help develop a local manufacturing base for home chargers in India and also drive import substitution.
The addressable opportunity to be limited to car makers for now. As the EV car industry picks up over the longer term, the growth potential could be much higher, according to Nomura.
Most brokerages are positive on the stock and see an average return potential of 13%.
Key Levels To Watch
Key support: Rs 607.1 apiece (one-week low).
Resistance level: Rs 679 apiece (Tuesday high).
On the NSE, shares of Uno Minda rose as much as 4.59% during the day to Rs 679 apiece, the highest since Feb. 9. It was trading 1.97% higher at Rs 662 per share, compared to a 0.29% decline in the benchmark Nifty 50 as of 9:34 a.m.
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