Shares of Panache Digilife surged on October 31 after the company informed that it had signed a manufacturing and supply agreement with Revamp Moto Private Limited for the Indian market. Shares were up more than 8% at Rs 80 per share as of 9:40 am.

Revamp Moto is a two-year-old Nashik startup developing extremely reliable, adaptable and connected electric vehicles based on its modular and practical platform.

Revamp Moto will focus on new product development (NPD), research and development (R&D), new technology and IP generation, while Panache will focus on high-quality product assembly, process optimisation and component localisation, the companies said in the association. This makes it a foray into the Indian electric vehicle market.

The company did not disclose the monetary value of the deal. Listed on NSE, Panache provides smart computing devices, smart and AI-based digital classrooms, smart asset management, retail IoT, healthy living solutions, AV display and pen display solutions, and other contract manufacturing solutions.