Sharda Motor Industries jumps on entering into joint venture agreement with Kinetic Group
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Sharda Motor Industries is currently trading at Rs. 518.00, up by 61.10 points or 13.37% from its previous closing of Rs. 456.90 on the BSE.
The scrip opened at Rs. 480.00 and has touched a high and low of Rs. 530.00 and Rs. 471.70 respectively. So far 55211 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 530.00 on 24-Feb-2021 and a 52 week low of Rs. 141.05 on 30-Jul-2020.
Last one week high and low of the scrip stood at Rs. 530.00 and Rs. 415.95 respectively. The current market cap of the company is Rs. 1519.29 crore.
The promoters holding in the company stood at 73.20%, while Institutions and Non-Institutions held 1.04% and 25.76% respectively.
Sharda Motor Industries has entered into a joint venture (JV) agreement with Kinetic Green Energy & Power Solutions, a Kinetic Group company, to develop Battery Packs with Battery Management Systems (BMS) for electric Vehicles & stationery applications.
The JV company will undertake design, development & assembly of lithium‐ion battery packs along with BMS. The focus of the company will be to develop battery packs for the rapidly growing electric vehicle market in India & other segments of energy storage applications. The company has inked a technical collaboration with Indian Institute of Technology, Madras, India’s premier academic and research institution in India for the same. Under the technical collaboration agreement, Centre for Battery Engineering and Electric Vehicle (CBEEV), the research and development centre of IIT Madras, will provide technology for Li‐ion battery energy storage for electric 2 wheelers, 3 wheelers and other small electric vehicles to the JV.
Sharda Motor Industries (SMIL) was founded in 1986. The company has scaled to numerous highs in the automotive industry. The latest techniques, design, equipment and modern manufacturing which is highly efficient, organized and structured in India, the company is making new grooves in this area, adding excellence and technological expertise.
