Shares of Sterling Tools Ltd surged over 11 percent after the firm said in a notice to exchanges that it is in pact with South Korea's Yongin Electronics Co for electric vehicles component facility.
The stock hit a high of Rs 374.4 a share. At 11.10am, the stock was trading at Rs 358 on BSE, up 6.4 percent from its previous close.
Sterling Tools, the 2nd largest automotive fastener maker, has signed an MoU with South Korea's Yongin Electronics Co., Ltd., a key supplier to Hyundai Kia Motor Group. This partnership aims to generate Rs. 250 crore in business over 5 years and boost EV and electronic component production in India. Sterling Tools Limited will establish a new greenfield manufacturing facility to ramp up production capacity, it said.
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Yongin Electronics Co., Ltd., a key component supplier, brings its technological prowess to India's expanding EV sector. This partnership reinforces Sterling's EV component range by boosting local value addition and backward integration into passive components, aligning with India's 'Atma Nirbhar Bharat' vision, the release said.
The MoU strengthens Sterling's capacity to offer solutions for EVs, hybrids, and automotive applications, integrating Yongin's cutting-edge technology. This collaboration encompasses the full spectrum of magnetic components essential for India's EV and electronics manufacturing growth, it said.
“This MoU demonstrates Sterling’s commitment to developing the EV and Electronics ecosystem and contributing to “Make In India”. We are one step closer to our goal of strengthening our presence and offerings as a provider of green energy solutions in the automotive industry.” said Anish Agarwal, Director from Sterling Tools.
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