Steel Strip Wheels

Auto component maker Steel Strip Wheels Ltd on Tuesday said it has entered into a pact to form a joint venture with Israel's Redler Technologies for development, manufacturing and sales of motion controllers for electric vehicles in India. The two companies have signed a memorandum of understanding for the same and will collaborate on EV controllers for two-, three- and four-wheelers, Steel Strip Wheels Ltd said in a regulatory filing. The association will synergise the company's manufacturing capability, large consumer access and strong Indian presence with Redler's access to advanced technology, it added. While Steel Strip Wheels is an automotive wheel maker, Redler is into design, development and production of servo motion control systems, intelligent circuit breakers and power distribution systems, the filing said.

The export segment volume rose by 164 per cent YoY and crossed 1,000 million-mark for the first time ever in July 2021

The stock rallied 15% to Rs 582, also its record high on the NSE in intra-day trade, on the back of heavy volumes.