Multibagger PG Electroplast share price jumps 15% to hit 52-week high on EV manufacturing deal with Spiro Mobility

Multibagger Stock: PG Electroplast share price jumped 15% to touch a 52-week high today after the company, via its wholly owned subsidiary PG Technoplast, finalised a definitive agreement with Spiro Mobility to manufacture Spiro's electric vehicles in India. PG Electroplast share price today opened at ₹652.95 apiece on the BSE, the stock touched an intraday high of ₹718.35, and an intraday low of ₹652.7.

According to Trendlyne data, PG Electroplast share price increased by 205.71% and surpassed its sector by 116.24% over the last year. Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, highlighted that the PG Electroplast share price has seen a strong gap-up opening and followed buying traction in today's session backed by strong volumes.

“Prices have made a fresh new high in today's session and are expected to continue to extend this upmove in today's session. 730-750 is the next resistance zone, whereas the bullish gap left today around 640 is likely to act as strong support,” added Bhosale.

PG Electroplast, Spiro join hands for EV production

As stated in the filing, PG Technoplast's main duty will be to establish and oversee the manufacturing plants for electric vehicles, lithium-ion batteries, and associated components, as well as to source parts and raw materials as outlined by Spiro. Spiro will take charge of research and development, as well as the marketing, sales, and distribution of the electric vehicle products produced by PG Technoplast Ltd.

“The company’s entry into EV and Lithium-Ion batteries manufacturing opens up a new horizon of growth for the company and with Partner like Spiro, the company is confident that this association will go a long way and become a sizeable player in the EV market in India,” said Vishal Gupta, Managing Director (Finance), PG Electroplast.

PG Electroplast is a reliable all-in-one service provider for Electronic Manufacturing Services (EMS) and contract manufacturing for numerous major consumer durable and electronics brands in India.

The company possesses one of the largest capacities for Plastic Injection molding and has competencies throughout the entire value chain in Original Equipment Manufacturing (OEM) and Original Design Manufacturing (ODM) products such as Room ACs, Washing Machines, Air-Coolers, and LED TVs.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.