Sundram Fasteners is currently trading at Rs. 973.50, up by 10.50 points or 1.09% from its previous closing of Rs. 963.00 on the BSE.
The scrip opened at Rs. 1004.00 and has touched a high and low of Rs. 1008.05 and Rs. 969.60 respectively. So far 7178 shares were traded on the counter.
The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 1029.00 on 05-Jan-2023 and a 52 week low of Rs. 674.80 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 1008.05 and Rs. 954.40 respectively. The current market cap of the company is Rs. 20235.36 crore.
The promoters holding in the company stood at 48.50%, while Institutions and Non-Institutions held 30.47% and 21.02% respectively.
Sundram Fasteners has won the biggest EV contract in its 60-year history. The company has been awarded a $250-million contract by a leading global automobile manufacturer for the supply of sub-assemblies for its electric vehicle (EV) platform. The company plans to invest Rs 200 crore to support the new orders under the six-year long purchase package involving the supply of shaft sub-assemblies and drive gear sub-assemblies.
The company will ship the parts from its powertrain divisions located at Mahindra World City in Chengalpattu, Tamil Nadu, and Sri City in Tirupati district, Andhra Pradesh. The parts will be serviced from the company’s warehouse in North America.
The deal is one of the largest won by a supplier in India for this range of products for an EV platform. The company has estimated an annual sales peak of $52 million in 2026 with a supply of 1.5 million drive unit sub-assemblies per annum.
Sundram Fasteners is primarily engaged in manufacture and sale of bolts and nuts, water pumps, sintered products, cold extruded components, hot and warm forged parts, radiator caps and other parts which have applications mainly in automobile industry.