The rise in Sterling Tools share price came after the company revealed that it has been awarded the long-term rating of [ICRA]AA- (Positive)
The strategic alliance with Yongin Electronics, a supplier of components to the Hyundai Kia Motor Group, is projected to yield a substantial biz volume of Rs 250 crore over the next five years.
Sterling Tools is the second largest automotive fastener manufacturer in India. Its subsidiary, Sterling Gtake E-Mobility, is the largest Motor Control Unit manufacturer for the EV industry in India.