Sterling Tools and Yongin Electronics team up for EV
ECONOMY & POLICY

Sterling Tools and Yongin Electronics team up for EV

It was noted that the stock of Sterling Tools had seen an increase of 11.32 per cent in the past month, surpassing the S&P BSE SmallCap index, which had risen by 9.22 per cent during the same period. The surge in Sterling Tools shares was attributed to the signing of a memorandum of understanding (MoU) with South Korea-based Yongin, a major supplier of components to the Hyundai Kia Motor Group, through its subsidiary. Yongin specialises in manufacturing electronic components such as transformers, AC/DC reactor, coil & choke, EMI filter board, and high current DC connector, among others.

According to the company, Sterling Tools aims to achieve a revenue of Rs 2.5 billion by the financial year 2030 through this deal. Additionally, the MoU is expected to enhance Sterling Tool?s capability to offer solutions for the EV & Hybrid space, as well as other automotive applications, by incorporating the latest technology from Yongin. Established in 1979, Sterling Tools manufactures high tensile and cold forged hi-tensile fasteners catering to various segments including passenger cars, two-wheelers, commercial vehicles, agri-equipment, and construction equipment.

It was noted that the stock of Sterling Tools had seen an increase of 11.32 per cent in the past month, surpassing the S&P BSE SmallCap index, which had risen by 9.22 per cent during the same period. The surge in Sterling Tools shares was attributed to the signing of a memorandum of understanding (MoU) with South Korea-based Yongin, a major supplier of components to the Hyundai Kia Motor Group, through its subsidiary. Yongin specialises in manufacturing electronic components such as transformers, AC/DC reactor, coil & choke, EMI filter board, and high current DC connector, among others. According to the company, Sterling Tools aims to achieve a revenue of Rs 2.5 billion by the financial year 2030 through this deal. Additionally, the MoU is expected to enhance Sterling Tool?s capability to offer solutions for the EV & Hybrid space, as well as other automotive applications, by incorporating the latest technology from Yongin. Established in 1979, Sterling Tools manufactures high tensile and cold forged hi-tensile fasteners catering to various segments including passenger cars, two-wheelers, commercial vehicles, agri-equipment, and construction equipment.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Sabarmati Riverfront Two Plots Up for Auction at Rs2.24 bn Base Price

Two commercial plots on the western bank of the Sabarmati Riverfront will be auctioned with a base price of Rs 112 crore each, equivalent to Rs 1.12 bn apiece and Rs 2.24 billion in total. The parcels are located adjacent to the Metro Rail Bridge in Ahmedabad and form the first commercial offering after a prolonged pause. The Riverfront Development Corporation has framed the sale as part of a phased commercial release to revive development along the riverfront. The combined base valuation has been set by the corporation to reflect market rates along the riverfront. The corporation has fixed a ..

Next Story
Infrastructure Urban

Andhra Pradesh to Connect Over One Million Streetlights

Andhra Pradesh will undertake a statewide smart streetlighting programme across all 123 Urban Local Bodies (ULBs), bringing around 1.05 million (mn) streetlights under an AI enabled monitoring and management system. The programme will be implemented by Energy Efficiency Services Limited (EESL) with the Commissioner and Director of Municipal Administration under the state Municipal Administration and Urban Development Department. The project aims to convert conventional streetlighting into a digitally managed municipal service monitored and maintained remotely. The initial phase will cover abou..

Next Story
Infrastructure Urban

AMC To Procure Four Machines For Guard Rail Cleaning

Ahmedabad Municipal Corporation will introduce four specialised machines for cleaning guard railings along major roads and the central verges of BRTS and Metro corridors. The civic body plans to replace manual labour with mechanised cleaning to improve maintenance of road infrastructure and greenery. The purchase is estimated at Rs 82.8 million (mn), excluding GST. The proposal sets the base price of each machine at about Rs 20.7 million (mn) so four units total Rs 82.8 million (mn) before GST. 18 per cent GST will be applicable separately. During the warranty period each machine will operate ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement