India's Uno Minda eyes best day in 8 yrs on deal to make EV parts

UNO Minda

06/06/2024 06:55

(Updates levels, adds brokerage comments)
    ** Shares of auto parts maker Uno Minda  UNOI.NS  up 16% at
998.75 rupees, set for best day since Feb 2016
    ** Stock hit a record high of 1,016 rupees earlier in the
session
    ** UNOI signs technical licence agreement with China's
Suzhou Inovance Automotive for manufacturing and selling EV
parts
    ** Kotak Institutional Equities sees revenue potential of 26
bln rupees ($312 mln) by 2030 from supply of electric axles and
chargers if EVs form 20% of passenger vehicles in India
    ** Brokerage retains "add" rating, raises PT to 930 rupees
from 850 rupees; says co "well-positioned to outperform industry
growth"
    ** Kotak's "add" in-line with analysts' avg rating of "buy"
- LSEG data
    ** More than 3.1 mln shares traded, 4.6x 30-day avg volume
    ** UNOI up ~46% so far this year, outperforming Bosch's
 BOSH.NS  39% rise, and just short of Samvardhana Motherson's
 SAMD.NS  ~49% jump

($1 = 83.4510 Indian rupees)

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))