India's Sterling Tools jumps after deal with S.Korea's Yongin Electronics

Sterling Tools

18/04/2024 06:44

** Shares of fasteners and bolts maker Sterling Tools
 STTL.NS  rise as much as 12% to 376.95 rupees, their highest
since early-March
    ** Co signed an agreement with South Korea's Yongin
Electronics, a components supplier to Hyundai Kia Motor Group 
    ** The MoU enhances co's electric vehicle component
portfolio; co expected to generate 2.5 bln rupees ($30 mln) in
revenue over next 5 years
    ** More than 233,000 shares change hands, about 3.6x the
30-day avg
    ** As of last close, stock down 5.7% YTD
    
    ($1 = 83.5300 Indian rupees)

 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com))