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Sterling Tools and Yongin Electronics team up for EV
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.