Sterling Tools jumps after its arm forays into E-LCV business
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Sterling Tools is currently trading at Rs. 288.80, up by 4.25 points or 1.49% from its previous closing of Rs. 284.55 on the BSE.
The scrip opened at Rs. 289.95 and has touched a high and low of Rs. 297.00 and Rs. 287.65 respectively. So far 11316 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 297.00 on 28-Jun-2022 and a 52 week low of Rs. 116.05 on 12-May-2022.
Last one week high and low of the scrip stood at Rs. 297.00 and Rs. 220.35 respectively. The current market cap of the company is Rs. 1053.71 crore.
The promoters holding in the company stood at 65.77%, while Institutions and Non-Institutions held 6.56% and 27.67% respectively.
Sterling Tools’ 100% subsidiary -- Sterling Gtake E-mobility (SGEM) has forayed into E-LCV segment. With this development, SGEM continues to grow its presence across various E-mobility segments. Starting with supplies to a single Electric 2W customer a year back, the company now has confirmed orders from more than 10 customers.
Earlier this month the Company was awarded business by India’s leading Commercial Vehicle OEM for its E-LCV (Electric Light Commercial Vehicle) program. The supplies for this program are expected to commence during the last quarter of the current financial year.
Sterling Tools is engaged in manufacturing and marketing of high tensile cold forged fasteners.
