This small-cap stock, which has given over 18K% returns in 5 years, hit record high today; here is why

"The primary responsibility of PG Technoplast Pvt. Ltd. will be setting up and managing the manufacturing facilities for electric vehicles, lithium-ion batteries, and related components and for the procurement of parts and raw materials for the same as specified by Spiro.

Spiro shall be responsible for research and development, marketing, sale, and distribution of the EV products manufactured by PG Technoplast Pvt. Ltd," the company said in its press release. 

Commenting on the development, Vishal Gupta, Managing Director (Finance), PG Electroplast Limited (PGEL), said, “The company’s entry into EV and lithium-ion battery manufacturing opens up a new horizon of growth for the company, and with a 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.”

PG Electroplast is a solution provider for electronic manufacturing services (EMS) and contract manufacturing for most leading consumer durable and electronics brands in India.

The company, as per the company's press release, has one of the biggest capacities in plastic injection molding and has capabilities across the value chain in original equipment manufacturing (OEM) and original design manufacturing (ODM) products like room ACs, washing machines, air coolers, and LED TVs.

PG Electroplast stock performance

Shares of the company have rallied 189% so far in 2024. Over the past 12 months, the stock has given 194% returns, while in the past five years, the stock of PG Electroplast has jumped a whopping 18,048%.

PG Electroplast is a part of the BSE SmallCap index.