This automotive company wins the biggest EV contract worth USD 250 million!

The stock surged about 25 per cent in the last 6 months.

On January 18, 2023, Sundram Fasteners informed in the exchange filing that it has won the largest EV contract in its history. The Chennai-based company has been awarded a USD 250-million contract by a leading global automobile manufacturer for the supply of sub-assemblies for its electric vehicle (EV) platform. The company plans to invest Rs 200 crore to support the new orders under the six-year-long purchase package involving the supply of shaft sub-assemblies and drive gear sub-assemblies.

Sundram Fasteners was incorporated in 1962. It is a part of the TVS Group, headquartered in Chennai, India. The company has established a track record of leadership over 40 years. With a diversified product line, world-class facilities in four countries and, Sundram Fasteners has become a supplier of choice to leading customers in the automotive and industrial segments worldwide.

Today, the stock opened at Rs 1004.00 with a high and low of Rs 1008.05 and Rs 969.60. The stock currently trading at Rs 987.65, up by 2.56 per cent.

In the last six months, the shares of Sundram Fasteners have given more than 20 per cent returns and on a YTD basis, the stock has given about 1.5 per cent returns. The BSE group 'A' stock has a face value of Rs 1.00.

The stock has a 52-week high of Rs 1029.00 and a 52-week low of Rs 674.80. The company has a ROCE of 20.1 per cent and an ROE of 18.3 per cent, with a market capitalisation of Rs 20,741 crore.