Minda Corporation, which had closed yesterday at Rs.123.15, opened higher today at Rs.127 and went on to hit an intraday high at Rs.129.60 on the back of over 2.5 times rise in volumes. Its 52-week high is at Rs.148.
The stock has reacted positively to the news that its wholly owned subsidiary, Spark Minda Green Mobility Systems has signed shares subscription and shareholders agreement with EVQPOINT Solution Pvt Ltd.
EVQPOINT is a one-stop solution for electric vehicle portable chargers, DC fast chargers, and smart charging stations integrated with charge management system, mobile app, and interoperable tools.
Spark Minda Green will subscribe for allotment of 26% of equity share capital of EVQPOINT and both have also entered into a Technology License Agreement and Joint Collaboration & Technical Assistance Agreement.
This partnership with EVQPOINT is meant to strengthen the Spark Minda Group’s EV Supply Equipment (EVSE) portfolio and offer battery chargers for both onboard and offboard configurations in the range of 250 W to 6.6 KW, with a roadmap for further range expansion.