homebusiness Newscompanies NewsSundram Fasteners market capitalisation crosses Rs 21,000 crore as shares end at a record high
Sundram Fasteners market capitalisation crosses Rs 21,000 crore as shares end at a record high
Sundram Fasteners has also been awarded contracts worth Rs 150 crore for EV products and expects to sign additional contracts worth over Rs 200 crore.
Shares of Sundram Fasteners ended 4 percent higher on Thursday, hitting an all-time intraday high of Rs 1,030. The TVS Group company's stock has gained 53 percent from its 52-week low of Rs 673 in June.
With Thursday's surge, the company's market capitalisation has exceeded Rs 21,000 crore.
Thursday's trading volume were double its three-month average.
Started in 1966, SFL is now the largest fastener manufacturer in India and manufactures high-precision components for the automotive, infrastructure, windmill and aviation sectors.
The company also provides high-tensile fasteners, metal components, cold extruded parts and forgings to original equipment manufacturers (OEMs) in the automotive industry.
Currently, the company commands a market share of around 35-40 percent. For the first half of the current financial year, the company reported a 19.4 percent growth in overall revenue to Rs 2,811 crore.
In addition to this, the company also plans on investing Rs 400 crore over the next two years as part of its capex to cater to the strong pick-up in demand.
EV push
To contribute to the country’s EV push, Sundram Fasteners has also commenced its Sri City unit to supply products for Hybrid / EV applications.
Moreover, the company has also been awarded contracts worth Rs 150 crore for EV products and expects to sign additional contracts worth over Rs 200 crore for new products.
The company offers a range of products like fasteners, power train components, sintered metal products, iron powder, cold extruded parts, radiator caps, water pumps, oil pumps and wind energy components to highly competitive markets like India, China, Germany, USA, UK, Italy, France and Brazil.
Shares of Sundram Fasteners ended 4.3 percent higher at Rs 1,004.
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