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Sterling Tools climbs on entering into partnership with GLVAC YT
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Sterling Tools is currently trading at Rs. 552.90, up by 38.15 points or 7.41% from its previous closing of Rs. 514.75 on the BSE.
The scrip opened at Rs. 518.45 and has touched a high and low of Rs. 564.85 and Rs. 516.25 respectively. So far 45653 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 639.15 on 20-Sep-2024 and a 52 week low of Rs. 305.00 on 28-Mar-2024.
Last one week high and low of the scrip stood at Rs. 564.85 and Rs. 508.15 respectively. The current market cap of the company is Rs. 1995.56 crore.
The promoters holding in the company stood at 65.77%, while Institutions and Non-Institutions held 4.86% and 29.38% respectively.
Sterling Tools through its wholly owned subsidiary Sterling Tech-Mobility has entered into a partnership with Kunshan GLVAC Yuantong New Energy Technology Company (GLVAC YT), a wholly owned subsidiary of China's Kunshan GuoLi Electronic Technology Company (GLVAC), to manufacture advanced High Voltage Direct Current (HVDC) contactors and relays in India. These components play a key role in controlling the flow of current in electric and hybrid vehicles.
This association is expected to generate Rs 250 crore in business by FY30 and Sterling Tools will bring the niche technology to manufacture and assemble HVDC Contactors and relays locally at a new facility in Bengaluru, India with an investment of around Rs 40 crore. By producing these components domestically, Sterling Tools aims to drive import substitution aligning with the Atmanirbhar Bharat vision and supporting the Make in India initiative. The development will empower Indian OEMs, Tier-I Companies, and other suppliers to access advanced technology right at home, building a self-reliant ecosystem for the Electric Vehicles (EV) and Hybrid Electric Vehicles (HEV) sectors.
Sterling Tools is engaged in manufacturing of high tensile cold forged fasteners for Automotive Industry having its presence amongst all Auto Segments- Passenger Vehicle (PV), Commercial Vehicle (CV), Two Wheelers, Farm Equipment and Off-Roadways.
