India's Minda Corp gains 5% as unit buys stake in EV charging firm

Minda

02/09/2021 09:09

** Shares of automotive component maker  MINC.NS  rise as
much as 5.1% to 129.95 rupees, their biggest intraday gain since
Aug 24
    ** Minda said on Wednesday its unit, Spark Minda Green
Mobility Solutions, will acquire 26% stake in charging solutions
startup EVQPOINT Solutions
    ** Spark Minda Group will become EVQPOINT's exclusive
technology and manufacturing partner for battery chargers and EV
supply equipment
    ** MINC says deal will help co capitalize on accelerating
shift to electric mobility
    ** India, the world's fifth-largest car market, is seeing
gradual increase in electric vehicle sales as states improve
charging infrastructure
    ** Elon Musk, the CEO of Tesla, the world's most valuable
automaker by market capitalisation, has tweeted several times
about the company's impending foray into India
    ** About 1.9 mln MINC shares change hands vs 30-day avg of
545,559 shares
    ** Minda shares up 37.8% this year, as of last close

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (Within U.S.
1-646-223-8780, Outside U.S. +91 8067496031); Reuters Messaging:
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