This consumer electronics maker's shares jump over 5% today after a new deal with Whirlpool India; stock rose 312% in 2024

The stock rose as much as 5.4% on the National Stock Exchange of India to hit an intraday high of ₹1,002 apiece, compared to its previous close of ₹950.85 apiece. By 11:00 am, the share price had trimmed some of its gains to trade at ₹978 apiece, up 2.86%.

In a press release issued on Monday, PG Electroplast said that it has signed a definitive agreement with Whirlpool of India Ltd. for contract manufacturing of select models of Whirlpool-branded semi-automatic washing machines. Under the arrangement, PG Electropast will manufacture some of Whirlpool's SKUs at its factory in Roorkee.

Notably, PG Electroplast is already a supplier of Whirlpool-branded air conditioners (ACs). “Both companies will continue to evaluate the potential expansion opportunities,” the press release said.

PG Electroplast provides electronic manufacturing services (EMS) and offers contract manufacturing to the leading consumer durable and electronics brands in India. It 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.

On its agreement with Whirlpool, PG Electroplast’s managing director (operations) Vikas Gupta said, “We are pleased to deepen our relationship with Whirlpool with this association. We aim to unlock new opportunities for growth and help Whirlpool deliver exceptional value to its customers while setting new benchmarks in efficiency.”

Whirlpool of India managing director Narasimhan Eswar said, “With Whirlpool’s exceptional designs and technology and PGEL’s manufacturing expertise, today’s announcement reaffirms our commitment to the government’s ‘Make in India’ initiative and providing best in class products to our consumers at an affordable price point.”

Shares of Whirlpool of India Ltd also rallied up to 3.6% to hit an intraday high at ₹1,918.5 apiece on the NSE in morning trade on Tuesday. The stock, however, pared some gains to trade at ₹1,876 apiece, up 1.36%, on the NSE at 11:00 am.