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Indian automotive components maker, Pricol, has announced a strategic partnership with Heilongjiang Tianyouwei Electronics, a Chinese firm operating under the People’s Republic of China’s laws. The collaboration, announced on Thursday, is aimed at delivering advanced driver information system solutions to various Indian vehicle manufacturers through technology transfer and supply partnership.
Under the agreement, Heilongjiang will exclusively support Pricol on these projects. In return, Pricol will source components or sub-assemblies from Heilongjiang Tianyouwei Electronics (TYW). This announcement led to a 3% rise in Pricol’s shares to ₹338.25 (USD1 = INR83.161) on the same day.
Pricol’s share price has experienced notable fluctuations over the past year. On October 6, 2023, the company’s shares reached a 52-week high of ₹352.50. However, less than a year earlier, on November 17, 2022, the shares had dipped to a 52-week low of ₹170.70. Despite currently trading at a slight dip of 4.04% below its annual high, the share price has impressively surged by 98.15% from its lowest point in the past year.
The company is set to review its unaudited financial results for the quarter and half-year ending September 30, 2023, in a board meeting scheduled for November 8, 2023. The market will be closely watching this meeting for further insights into Pricol’s financial health and future prospects in light of this new strategic partnership.
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