Large Cap Auto Stock Hit 52-Week-High As Board Sets Record Date For Final Dividend

A large-cap firm operating in the automobile sector is UNO Minda Ltd. The business is a top producer of automotive switching systems, automotive lighting systems, automotive acoustics systems, automotive seating systems and alloy wheels. Following the Board of UNO Minda's announcement of the record date for the final dividend, the shares reached a new 52-week high today.

"With reference to our intimation dated 18 May, 2023, wherein we have informed that the Board of Directors of the company at their meeting held on 18 May, 2023, recommended the final dividend @ Rs. 1/- per share i.e. 50% to the equity shareholders of the company for the Financial Year 2022-23, subject to the approval of the shareholders at the ensuing Annual General Meeting of the company.

Further to our aforesaid communication and in compliance of Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is hereby informed that the Record Date has been fixed as 31st August, 2023 for the purpose of taking the record of eligible shareholders / beneficial owners for payment of final equity dividend, as may be approved by the shareholders at the ensuing Annual General Meeting of the Company," said UNO Minda in a stock exchange filing today.

Today, UNO Minda and FRIWO AG Germany officially opened a new EV systems manufacturing facility in Farukhnagar, Haryana. This new facility would produce a variety of products for EV 2-wheelers and 3-wheelers, including On-Board Chargers, Off-Board Chargers, Motor Control Units, DCDC Converters, Battery Management Systems, and many more. In August 2023, Uno Minda Ltd.'s subsidiary Uno Minda Buehler Motor Private Limited (UMBM) in Bawal, Haryana, officially opened its second new EV systems facility. The factory will produce traction motors and BLDC motors for electric 2- and 3-wheelers. OEMs have already placed orders with UMBM, and supply is anticipated to begin in Q3 of FY24.

During the first quarter of FY24, the company also got fresh orders for EV systems with an annualised peak value of over Rs 600 crores. The total order book from EV OEMs now totals more than Rs 2500 crores annualised peak value and includes both existing and EV-specific products. By FY26, the company aims to generate Rs 1500 crores in revenue from EV systems.

On Wednesday, the shares of UNO Minda opened on the BSE at Rs 584 apiece and made a fresh 52-week-high of Rs 624.55 during the afternoon deals. The stock made a 52-week-high of Rs 624.55 on (16/08/2023) and a 52-week-low of Rs 433.00 on (24/03/2023).