Shares of Salzer Electronics Ltd were trading 1% lower on 29 December after the company’s subsidiary came into a JV (joint Venture) with M/s.Kostad Steuerungsbau GmbH is responsible for developing DC fast charging stations for electric cars.

In its regulatory filing, the company said that its wholly owned subsidiary, Salzer Kostad EV Chargers Pvt Ltd, has entered into a JV with M/s.Kostad Steuerungsbau GmbH is responsible for developing DC fast charging stations for electric cars, trucks, and buses, as well as components and systems.

As a part of the agreement, the company has subscribed 2,90,000 equity shares with a face value of Rs.10/- each for a total consideration of Rs 29 lakh, increasing the company ownership in the JV company to 60%.

In its quarterly report for July-September, the company reported a 5% year-on-year increase in its net profit to Rs 9.38 crore during the quarter from Rs 8.95 crore reported in the same quarter last year.

The revenue during the quarter stood at Rs 273.68 crore, which is an 11% YoY increase from Rs 244.96 crore reported in the same quarter of the previous fiscal year.

At 3:30 pm, the shares of Salzer Electronics closed 1.08% lower at Rs 404.80 on NSE.