Sterling Tools Limited (BSE: 530759, NSE: STERTOOLS) shares surged over 5% on Monday, touching ₹350, after the company announced a major expansion in the electric vehicle (EV) components space.
Through its subsidiary, Sterling Gtake E-Mobility Limited (SGEM), the company has entered into Technology License and Supply agreements with China-based Landworld Technology Co. Ltd. The collaboration will enable local production of EV On-board Chargers, DC/DC converters, and Multi-Function Units (MFUs) that integrate multiple power electronics components.
The components will be manufactured at SGEM’s dedicated EV campus in Faridabad. Sterling Tools expects this move to generate ₹450 crore in business by FY2030, tapping into India’s fast-growing EV market, which is projected to reach ₹3,000 crore.
The initiative also supports the government’s Atmanirbhar Bharat vision by reducing reliance on imports and building a self-reliant domestic supply chain for EV technology.
At 12:22 p.m., shares were trading at ₹350, up 5.71% from the previous close of ₹331.10.
