Sterling Gtake E-Mobility Limited (SGEM), NCR-based motor control units (MCUs) manufacturer for Electric Vehicles announced that it has secured an order worth INR 600 million for MCUs from a leading 2W EV OEM.
Mr. Anil Aggarwal, Managing Director, Sterling Tools Ltd., said, "We are delighted that our investment and efforts over the last 3 years have begun paying dividends. We had the courage to invest in the EV segment at an early stage, and therefore, we are ideally positioned today to take advantage of the increasing customer interest in EVs."
Mr. Aggarwal further added that by the end of the current fiscal year he expects EV components to contribute more than 10% of Sterling's revenues.
Rising EV adoption has created an immediate requirement to embrace the next-generation needs of the auto industry, with green technologies and e-mobility ecosystems promising to infuse sustainability and performance in the vehicles of tomorrow, SGEM has been consistently focusing on identifying partners and driving technology transfer and localization to provide customers with application support and technology adapted to Indian requirements.
SGEM's product portfolio covers the entire spectrum of applications from 1KW to 200KW and 48V to 700V. With the contracted business commencing from next month, SGEM aims to emerge as the largest domestic supplier of MCUs by the end of 2021.
The company is in advanced stages of discussions with more than 20 automobile (EV) OEMs for their MCU requirements for different vehicle segments, including two-wheelers, three-wheelers, passenger vehicles and commercial vehicles and expect to see an exponential growth in the demand for this product in the future.
Shares of STERLING TOOLS LTD. was last trading in BSE at Rs.201.15 as compared to the previous close of Rs. 203.15. The total number of shares traded during the day was 7608 in over 433 trades.
The stock hit an intraday high of Rs. 203.7 and intraday low of 193.1. The net turnover during the day was Rs. 1508322.