After announcing a partnership with the Renault Group, this technology stock increased by 7%

5paisa Research Team 11th December 2022 - 09:43 pm

KPIT Technologies accelerates its relationship with Renault Group.

KPIT Technologies closed trading at Rs 726.95, up by 43.65 points or 6.39% from its previous closing of Rs 683.30 on the BSE.

The scrip opened at Rs 689.95 and touched a high and low of Rs 735.00 and Rs 685.50, respectively. The BSE group 'A' stock of face value of Rs 10 has touched a 52-week high of Rs 800.00 and a 52-week low of Rs 423.25.

KPIT Technologies has been selected by Renault Group as a strategic software scaling partner for next-generation SDV programs. Renault Group is making significant investments and strategic partnerships to develop an industry-leading SDV platform. This 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.

KPIT's two decades of experience in automotive and mobility software, cross-domain competencies, global scale, and ecosystem of alliance partners, along with the expertise in developing SDV roadmaps for several industry leaders, makes them best poised to contribute to Renault Group's vision. KPIT's global footprint, combined with access to a talent pool and robust training programs, will create the desired scale the program demands. Renault Group expects the SDV technology programs to drive value to its roadmap of vehicle production programs that will start in 2026.

KPIT is a global technology company with software solutions that will help mobility leapfrog towards an autonomous, clean, smart and connected future.

The promoters holding in the company stood at 40.11%, while Institutions and Non-Institutions held 30.40% and 29.49% respectively.

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5paisa Research Team

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