Shares of Sundram Fasteners edged higher in the morning session on January 18, a day after the company bagged $250 million deal from global auto maker.
Sundram Fasteners Ltd, engaged in manufacturing of auto components, has bagged a $250-million contract from a top automobile manufacturer for supply of sub-assemblies to its electric vehicle segment, the company said.
This is the biggest EV contract secured in its 60-year-old history. Sundram Fasteners has drawn up plans to invest Rs 200 crore to support the new order received from the global automobile manufacturer, according to an exchange filing.
"The company would ship the parts from its powertrain divisions located at Mahindra World City in Chengalpattu, Tamil Nadu, and Sri City, Andhra Pradesh. The parts will be serviced from the company's warehouse in North America."