Pricol shares gain 3% on tie-up with Chinese firm for advanced technologies

Shares of Pricol Ltd gained 3% after the firm inked an agreement with China's Heilongjiang Tianyouwei Electronics Co Ltd. Pricol stock rose 3% to Rs 340 in early deals against the previous close of Rs 328.05 on BSE. Market cap of Pricol climbed to Rs 4,124 crore. Total 0.16 lakh shares of the firm changed hands amounting to a high turnover of Rs 52.22 crore on BSE.

Pricol shares have a one-year beta of 1.3, indicating high volatility during the period.

In terms of technicals, the relative strength index (RSI) of Pricol stands at 53.1, signaling the stock is trading neither in the oversold nor in the overbought territory. Pricol shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

The agreement will enable Pricol and Heilongjiang Tianyouwei Electronics to closely work with each other through technology transfer and supply partnership in order to provide advance technologies in Driver Information System Solutions for Indian vehicle makers across various vehicle segments.

In addition to the technology, Pricol will source components and/or sub-assemblies from Heilongjiang Tianyouwei Electronics Co, Ltd as part of supply arrangement.

Vikram Mohan, Managing Director, Pricol said, “This partnership with TYW is a testament to our commitment to driving innovation in the Indian automotive sector. We are confident that our efforts will help in providing state-of-the-art solutions in the Driver information system space, where Pricol has a dominant position in Indian market. Pricol's domain expertise combined with TYW’s technological prowess marks a significant step towards achieving a vision of enhancing the driving experience for Indian Customers.”

Pricol is one of India’s leading automotive technology companies headquartered in Coimbatore. Pricol commenced its operations in the year 1975 in Coimbatore, South India. It is a reputable global brand in the automotive component and products business, highly recognized by top automotive OEMs across the world.

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