Sterling Tools and Yongin Electronics team up for EV

23 Apr 2024 CW Team

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.

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