On December 10, Saakshi MedTech and Panels Ltd announced a significant milestone by securing a Letter of Business Award (LoBA) from Mahindra & Mahindra Ltd. This agreement positions the company as a key supplier of electric vehicle (EV) panels, highlighting its growing prominence in the EV supply chain.
The five-year contract, valued at ₹250 crore (inclusive of GST), involves the supply of EV panels for Mahindra & Mahindra. These panels come with a three-year guarantee or warranty, ensuring quality and reliability. Saakshi MedTech and Panels are expected to deliver the initial panels within a 60-day timeframe. The agreement underscores Mahindra & Mahindra’s trust in Saakshi MedTech’s capabilities and product quality.
Saakshi MedTech and Panels Ltd is a prominent player in manufacturing electrical control panels and cabinets. Its products cater to multiple sectors, including elevators, air compressors, renewable energy, oil & gas exploration, and EV charging stations.
As of December 10, 2024, 1:23 PM, shares of Saakshi MedTech and Panels Ltd. are locked at an upper circuit price of ₹220 per share with a surge of 10% from its previous day’s closing price. Over the last month, the stock has seen a surge of 2.11%. The stock has a 52-week high and 52-week low of ₹369.00 per share and ₹176.05 per share respectively.
Conclusion
The collaboration between Saakshi MedTech and Mahindra & Mahindra signifies a strategic alignment in the electric vehicle ecosystem. With a robust order and a commitment to timely delivery, Saakshi MedTech is poised to solidify its position as a leading supplier in the EV segment.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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