Sun, May 19, 2024

UNO MINDA: Uno Minda Shares Rise 2% on EV Charger Agreement

The UNO MINDA company signed the technical license agreement with Star energy Pte.LTD for manufacturing Electric vehicles supply equipments like Battery chargers, Charging made easy compatible with user friendly chargers are going to manufacture from UNO MINDA company side. Soon launching for Electrical Car charging battery also in the agreement.

UNO MINDA LTD Market Price is moving in Ascending channel and market has rebounded from the higher low area of the channel

UNO MINDA LTD Market Price is moving in Ascending channel and market has rebounded from the higher low area of the channel

Uno Minda Shares Surge 2% on EV Charger Agreement

Uno Minda shares climbed 2% in early trade on March 26 following the company’s announcement of a Technical License Agreement with Starcharge Energy Pte. Ltd for the manufacture and sale of Electric Vehicle Supply Equipment (EVSE) in India.

This partnership allows Uno Minda to expand its EV-specific product portfolio for the passenger car market.

The EVSE consists of wall-mounted AC chargers tailored for convenient home charging. These chargers are typically bundled with electric vehicles by OEMs to provide home charging convenience to customers, the company explained.

Foreign research house Nomura has maintained a buy rating on the stock with a target price of Rs 820 per share. The agreement with Starcharge enhances Uno Minda’s presence in the EV-passenger car segment, facilitating local manufacturing and import substitution, Nomura noted.

While the addressable opportunity is currently limited to OEM sales, the company’s history of scaling up in new segments suggests potential for growth, Nomura added.

EV Vehicle

Last week, the company invested Rs 6,04,20,600 by subscribing to 60,42,060 equity shares of Uno Minda Buehler Motor Private Limited (UMBM) through a rights issue. Following the allotment, the company’s investment in UMBM’s equity shares amounts to Rs 11,87,37,000, maintaining a shareholding of 50.10%.

MARUTI SUZUKI: Maruti Suzuki Shares Dip on Recall of 16,000+ Units

The Maruti Suzuki company recalled Customers affected of Baleno  11851 units and Wagon R 4190 units due to Fault in Fuel pump motor in the cars. This is the rare issue due to Engine start up problem. We rectified with free of cost from customers and no additional pay for this repair.

MARUTI SUZUKI Market Price is moving in Ascending channel and market has fallen from the higher high area of the channel

MARUTI SUZUKI Market Price is moving in Ascending channel and market has fallen from the higher high area of the channel

Maruti Suzuki Shares Dip 1% on Recall of Baleno and WagonR Models

Maruti Suzuki India Limited’s stock traded 1% lower at Rs 12,209 in morning trade on March 26 after the company announced a recall of 11,851 units of its Baleno and 4,190 units of its WagonR hatchbacks due to a suspected defect in a part of the fuel pump motor.

According to a regulatory filing, the company stated, “This in a rare case may lead to an engine stalling or engine starting issue.” Affected vehicle owners will receive replacements free of charge through Maruti Suzuki authorized dealer workshops.

Stock was trading at Rs 12,247, down 0.8 percent from the previous close. Maruti shares have surged almost 50 percent in the last year.

The last recall occurred in July 2023, involving 87,599 units of its S-Presso hatchback and Eeco van models manufactured between July 5, 2021, and February 15, 2023, to address a faulty steering tie rod issue.

engine starting issue

Last week, Morgan Stanley assigned an ‘overweight’ rating to Maruti Suzuki, anticipating positive outcomes from a potential hybrid duty cut. The global brokerage house set a price target of Rs 11,228, which the company has surpassed. Additionally, CLSA highlighted Maruti’s dominant position in the CNG PV segment, projecting a 72 percent market share.

Maruti shares crossed the Rs 12,000 mark for the first time on March 20.

ADANI POWER: Adani Power Shares Slide on New Coal Transport Cost Lawsuit

The AdaniPower company reported to exchange that the Maharastra electricity distribution filed a complaint on Maharastra Electricity regulatory commission for In-Land transporatation cost for Coal transporation from one place to another by Adani Power. This litigation on Adani Power makes worry until Adani Power give clear data for this Litigation.

ADANI POWER LTD Market Price is moving in box pattern and market has rebounded from the support area of the pattern

ADANI POWER LTD Market Price is moving in box pattern and market has rebounded from the support area of the pattern

Adani Power Shares Dip on New Coal Transport Cost Litigation

Adani Power shares dipped on March 26 following the company’s disclosure of fresh litigation. The Maharashtra State Electricity Distribution Company (MSEDCL) has filed a petition with the Maharashtra Electricity Regulatory Commission (MERC) regarding the calculation of domestic coal transportation costs.

In a regulatory filing, Adani Power stated, “The Maharashtra State Electricity Distribution Company has filed a petition with the Maharashtra Electricity Regulatory Commission with respect to the interpretation of the manner in which the in-land transportation cost is to be computed for domestic coal as contained in MERC’s order dated November 28, 2020, pertaining to Adani Power Maharashtra (erstwhile wholly owned subsidiary of the company, amalgamated with the company w.e.f. March 7, 2023) and MSEDCL.”

Shares of Adani Power were trading down by half a percent at Rs 527.90 on the National Stock Exchange (NSE). Despite its surge of about 220 percent from its 52-week lows in March 2023, the stock has risen only nearly 1 percent year-to-date, slightly underperforming the benchmark Nifty 50.

Adani Power is expected to be one of the major beneficiaries of the semi-annual rebalancing of NSE Nifty indices scheduled for later this week on March 28, with adjustments on March 27. Analysts estimate that the stock may attract inflows of around $45 million, the highest due to the NSE rebalancing.

Electricity Distribution Company

In other developments, the Committee of Creditors of Lanco Amarkantak Power Limited approved Adani Power’s resolution plan in March, with the company receiving a Letter of Intent from Lanco Amarkantak’s resolution professional on March 4, 2024, approving the resolution plan.


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