Multibagger auto components stock hit upper circuit as it inks agreement with OLA Electric to supply ignition switches and latches for EVs

The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 265 per share.

Pavna Industries Limited, a distinguished name in India's automotive parts industry, has recently secured a lucrative contract with OLA Electric to supply ignition switches and latches for electric vehicles (EVs). This collaboration marks a significant step for Pavna Industries as it enhances its footprint in the burgeoning two-wheeler electric vehicle sector.

Under the agreement, Pavna Industries will supply high-quality components across OLA Electric’s manufacturing facilities in India. OLA Electric, headquartered in Bengaluru, is a major player in India's EV market and is committed to advancing the adoption of sustainable transport solutions. The partnership aligns with India's Electric Mobility Promotion Scheme 2024, which aims to boost EV adoption through financial incentives and support.

Swapnil Jain, Managing Director of Pavna Industries, emphasized that the alliance would drive both affordability and enhanced quality standards in the EV sector. The company is set to expand its offerings within the EV segment, introducing products like motors and motor controllers to meet increasing market demand. This agreement not only reaffirms Pavna Industries' commitment to innovation and quality but also solidifies its role as a key player in supporting India's transition towards green mobility.

Also Read: Role of artificial intelligence (AI) in stock market analysis

Established in 1971, Pavna Industries Limited has grown into a leading manufacturer of automotive components in India. Headquartered in Aligarh, Uttar Pradesh, the company has a long-standing history of innovation and quality. Pavna began with a focus on die-casting and has since diversified into a wide range of automotive parts, including intricate engine components and solutions for the agricultural sector. The company has been pivotal in advancing digitalization and modernization within the industry, making significant contributions to both the domestic and Southeast Asian markets. Pavna's robust product portfolio and consistent quality have made it a trusted partner in the global automotive sector.

Today, shares of Pavna Industries Ltd hit a 5 per cent upper circuit to Rs 561.40 per share from its previous closing of Rs 534.70. The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 265 per share.

Disclaimer: The article is for informational purposes only and not investment advice.