Sandhar Technologies was up 2.22% to Rs 282.85 at 10:27 IST on the BSE after the company said it entered into a 50-50 joint venture with South Korea's Winnercom Co.
The announcement was made after market hours yesterday, 17 June 2019.
Meanwhile, the S&P BSE Sensex was up by 133.54 points, or 0.34% to 39,094.33.
On the BSE, 55 shares were traded in the counter so far compared with average daily volumes of 736 shares in the past two weeks. The stock had hit a high of Rs 283.10 and a low of Rs 282.85 so far during the day. It hit a 52-week high of Rs 405.80 on 25 June 2018 and a 52-week low of Rs 226.45 on 28 January 2019.
Sandhar Technologies has signed a joint venture (JV) agreement with Winnercom Co., (South Korea). The joint venture is being established for manufacturing and selling electronic parts and accessories for the automotive industries in India, which would include Shark fin antenna and micro pole antenna and other products for the four-wheeler segment.
The JV company is expected to commence commercial production and supplies by the beginning of next financial year from its new factory premises in Bengaluru to the major OEM's. The JV company shall ramp up its production and product range in a phased manner focusing on increased localization and indigenization of the material sourcing.
The signing of this JV further consolidates Sandhar's entry into the connected car devices market which is estimated to be worth $57.15 billion by 2021 driven largely by government regulations for safety and increasing electrification of vehicles and currently dominated by the world's major auto component players. This JV will help the Indian auto majors in sourcing International quality products at a cheaper price, the company said.
Sandhar Technologies reported a 57.01% rise in the net profit to Rs 27.79 crore on a 24.5% rise in the net sales to Rs 512.42 crore in Q4 March 2019 over Q4 March 2018.
Sandhar Technologies is a diversified auto component manufacturing company.
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