Sterling Tools' step-down subsidiary forays into E-LCV Business; stock climbs ~2%

28 Jun 2022 , 11:53 AM

Sterling Tools Limited today announced that its 100% subsidiary Sterling Gtake E-mobility (SGEM) forayed into the E-LCV segment.

With this development, SGEM expands its presence in various E-mobility segments. Beginning with a single Electric 2W customer a year ago, the company now has confirmed orders from over ten customers.

“This ‘win’ will assist SGEM in diversifying its customer base across various vehicle segments and broadening the technical expertise of the SGEM team across various applications,” Anil Aggarwal, MD of Sterling Group, commented.

Sterling Tools Ltd., one of India’s leading automotive fastener manufacturers, and Jiangsu Gtake Electric Co. Ltd., China formed SGEM. SGEM has been at the forefront of the EV value chain in India by providing localized Motor Control Units (MCUs) for Battery and Hybrid Electric Vehicles.

Sterling Tools is currently trading at Rs289.25 up by Rs4.7 or 1.65% from its previous closing of Rs284.55 on the BSE. The scrip opened at Rs289.95 and has touched intraday high and low of Rs297 and Rs287.65 respectively.