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KPIT Tech stock rises 5% as firm to develop software for Renault Group

KPIT Tech stock rises 5% as firm to develop software for Renault Group

KPIT Technologies stock gained 5.36 per cent to Rs 719.95 against the previous close of Rs 683.30 on BSE. Market cap of the firm rose to Rs 19,519 crore on BSE today

KPIT Technologies share has gained 51.54 per cent in a year and risen 16.21 per cent since the beginning of this year. The stock has been rising for the last two sessions KPIT Technologies share has gained 51.54 per cent in a year and risen 16.21 per cent since the beginning of this year. The stock has been rising for the last two sessions

Shares of KPIT Technologies rose over 5% today after Renault Group has selected KPIT as a strategic technology partner for next generation Software-Defined Vehicle (SDV) programme.  KPIT Technologies stock gained 5.36 per cent to Rs 719.95 against the previous close of Rs 683.30 on BSE. KPIT Technologies share has gained 51.54 per cent in a year and risen 16.21 per cent since the beginning of this year. The stock has been rising for the last two sessions.

In a week, the stock has risen 5.32 per cent. KPIT Technologies shares are trading higher than trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Market cap of the firm rose to Rs 19,519 crore on BSE today. Total 1.16 lakh shares of the firm changed hands amounting to a turnover of Rs 8.20 crore on BSE.

Renault Group is making significant investments and strategic partnerships to develop a industry-leading SDV platform. The platform will drive Renault Group's global growth over the following decades by delivering unmatched experience to end consumers and unlocking monetization over the length of vehicle ownership.

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Renault Group expects the SDV technology programs to drive value to its roadmap of vehicle production programs that will start from 2026

Kishor Patil, CEO, KPIT Technologies said, "Our vision is to Reimagine Mobility with industry leaders like Renault Group. We are proud and deeply excited to contribute to 100+ years of Renault Group's role in shaping the automotive industry landscape. Renault Group has attracted consumers globally with leadership in several markets. The power of software from KPIT will unlock electrification, autonomous driving, and connected vehicle experiences that will delight Renault consumers. KPIT will bring competencies at scale, IP, an ecosystem of partnerships, thereby creating long-term value. We are looking forward to jointly building an industry-leading solution for the automotive and mobility industry."