 "Suprajit Engineering surges 5% on inking MoU with Japanese firm Chuo Spring")
Suprajit Engineering share price: Automotive component maker Suprajit Engineering shares were in demand on Wednesday, November 27, 2024, as the scrip rallied up to 4.62 per cent to hit an intraday high of Rs 471.80 per share.
The rise in Suprajit Engineering share price came after the company announced that it has inked a memorandum of understanding (MoU) with Chuo Spring, a Japanese transmission cable maker.
The partnership involves the establishment of a 50:50 joint venture (JV) in India to design, manufacture, and supply transmission cables.
Additionally, a Technical Assistance (TA) agreement has been signed, granting the JV access to Chuo’s advanced Japanese transmission cable technology, according to Suprajit Engineering.
Initially, the JV and TA will focus on delivering projects for two leading Japanese passenger vehicle (PV) OEMs in India.
“The collaboration brings together two globally recognised cable suppliers. It extends the reach of Chuo’s special Transmission cable technology to India and may further support Suprajit’s global OEM customers,” Suprajit Engineering added.
More From This Section
The partnership not only broadens Suprajit Engineering’s product portfolio for key Japanese customers but also positions the company to expand its footprint in the transmission cable market, the company highlighted.
About Suprajit Engineering
Suprajit is India’s largest automotive cable and halogen bulb maker with an annual global capacity of 400 million cables and 110 million halogen bulbs.
Suprajit’s customers list includes a large number of global automotive majors. Suprajit group has footprints in four continents with multiple plants, tech centres and warehouses.
The market capitalisation of Suprajit Engineering is Rs 6,301.76 crore, according to BSE. The company falls under the BSE SmallCap category.
The 52-week high of Suprajit Engineering share is Rs 639.95 per share, while its 52-week low is Rs 357.30 apiece.
At 12:05 PM, Suprajit Engineering shares were trading 1.95 per cent higher at Rs 459.75 per share. In comparison, BSE Sensex was trading 0.08 per cent higher at 80,069.78 levels.