India's Uno Minda hits record on EV parts pact with China's Inovance

UNO Minda

06/06/2024 05:11

** Shares of Uno Minda Ltd  UNOI.NS  rise as much as 9.3% to
record 940.75 rupees
    ** Auto parts maker last up 7.4%
    ** UNOI signs technical licence agreement with China's 
lnovance Automotive for manufacturing and selling certain EV
parts, including electric motor
    ** Partnership to help co expand electric offerings for
passenger and commercial vehicles; may form JV with Inovance -
UNOI
    ** Analysts tracking UNOI rate it "buy" on avg, same as peer
Samvardhana Motherson  SAMD.NS , while Bosch  BOSH.NS  rated
"hold" - LSEG data
    ** UNOI up ~34% so far this year, lagging BOSH's 39% rise
and SAMD's ~51% YTD jump


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