Sterling Tools jumps as its arm secures order worth Rs 60 crore
SGEM's product portfolio covers the entire spectrum of applications from 1 KW to 200 KW and 48V to 700V
Sterling Tools is currently trading at Rs. 206.80, up by 5.65 points or 2.81% from its previous closing of Rs. 201.15 on the BSE.
The scrip opened at Rs. 214.00 and has touched a high and low of Rs. 214.00 and Rs. 204.00 respectively. So far 42871 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 233.00 on 26-Feb-2021 and a 52 week low of Rs. 160.00 on 22-Sep-2020.
Last one week high and low of the scrip stood at Rs. 214.00 and Rs. 176.00 respectively. The current market cap of the company is Rs. 750.56 crore.
The promoters holding in the company stood at 65.77%, while Institutions and Non-Institutions held 7.16% and 27.07% respectively.
Sterling Tools’ subsidiary--Sterling Gtake E-mobility (SGEM) has secured an order worth Rs 60 crore for MCUs from a leading 2W EV OEM. Rising EV adoption has created an immediate requirement to embrace the next-generation needs of the auto industry, with green technologies and e-mobility ecosystems promising to infuse sustainability and performance in the vehicles of tomorrow. SGEM has been consistently focusing on identifying partners and driving technology transfer and localization to provide customers with application support and technology adapted to Indian requirements.
SGEM's product portfolio covers the entire spectrum of applications from 1 KW to 200 KW and 48V to 700V. With the contracted business commencing from next month, SGEM aims to emerge as the largest domestic supplier of MCUs by the end of 2021. The company is in advanced stages of discussions with more than 20 automobile (EV) OEMs for their MCU requirements for different vehicle segments, including two-wheelers, three-wheelers, passenger vehicles and commercial vehicles and expect to see an exponential growth in the demand for this product in the future.
Sterling Tools is engaged in manufacturing and marketing of high tensile cold forged fasteners.