Uno Minda shares surge 18%, hits 52-week high ahead of dividend ex-date

The board of directors of Uno Minda on May 23 recommended a final dividend of ₹1.35 per equity share of ₹2 each fully paid up (i.e. 67.50%) for the year ended March 31, 2024.

The board fixed the record date for determining the eligibility of members entitled to receive dividends as June 7, 2024.

Rising for the second day in a row, Uno Minda shares spurted by 18% to hit a 52-week high of ₹1,016 per share on NSE. More than 32 lakh shares of the company changed hands on the bourse.

The stock later pared some of the gains to trade at ₹986.50, up by 14.5% over the last close, at 1:05 PM.

Uno Minda shares have rallied around 33% since the announcement of dividend payment and financial results by the company.

Uno Minda partners with Chinese firm to bolster e-4W product portfolio

Uno Minda, a leading manufacturer of automotive systems and solutions to original equipment manufacturers, has entered into a Technical License Agreement with China-based Suzhou Inovance Automotive Co., Ltd.

The agreement is for the manufacture and sale of select high-voltage category electric vehicle products for passenger vehicles and commercial vehicles in India.

The electric vehicle products include Charging Control Unit (CCU), EV inverter, EV motors and 3-in-1 electric drive systems (e-Axle).

This partnership will significantly expand Uno Minda's e-4W product portfolio, enabling them to effectively cater to the growing Indian EV market, it has stated.

The company reported a 31% jump in consolidated revenue to ₹3,794 crore for the March quarter of 2023-24 compared to the year-ago period.

Consolidated profit after tax rose by 47% to ₹269 crore in the last quarter of FY24 compared to the same period of the last year.

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